You’ve accepted the offer and the process is moving forward! But what about the Appraisal?
What do you do if your home doesn’t come in at value (the price agreed upon between the buyer and seller in the agreement)? How can you insure the Appraiser has all the information they need to make sure your home sale proceeds without a glitch!
Who hires the Appraisal?
Generally, the buyers lender will be the one who contacts the Appraisal Company. However, as a rule, lenders can’t speak directly to the Appraiser but in most cases, your agent can! The purpose for this is really 3 fold:
- To show the Appraiser what comparable properties they used when evaluating the market value of the home!
- To help with any adjustments the Appraiser may need answers to like added value because of a special feature to the house.
- To get approximate dates of kitchen and bathroom remodels. These have become an important feature of the appraisal report.
What recourse do you have if the Appraisal Comes in Too Low?
The answer is very simple…make sure your agent talks to the appraiser before they even start the process! Have them find out when the appraisal has been ordered and what date and time the appraiser plans on doing the job. Make sure they have all their comparable homes clearly outlined and hand those to the appraiser.
Having an agent who is professional, sure of their evaluation and comes prepared with all the vital paperwork to help the appraiser understand how they arrived at the asking price they did, goes a long way to getting the full cooperation of all parties involved!
Make sure your home sale doesn’t get derailed because of a low Appraisal!
Your agent is a big part of insuring the smooth sale of your home. That includes being prepared to meet with the appraiser and discuss any and all questions they may have! Be sure you have a conversation with perspective agents during the interview process! Ask them if they have a plan in place should the appraisal come in too low. What is their contingency course should that happen.
Hiring the right agent doesn’t stop at great photos and good marketing…be certain you are hiring a professional who is willing and able to take the necessary steps to insure everyone is on their toes and has all the required information to help you sell your home…without a hitch!
I hope you found this information valuable. If you have any additional questions about the appraisal process, please do not hesitate to contact me at the information below.
I am passionate about Real Estate and eager to answer all of your real estate questions! Text or Call me at 360-880-2356 or email me directly to ask about Buying, Selling or Investing in today's Real Estate Market - serving Lewis County & Thurston County, WA.
Certified Residential Specialist | Real
Mountain Valley Real Estate