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2013-10-09 08:20:22
Appraisal anxiety? Here’s how to cope

Home AppraisalIf you’re buying or selling a Park City home, you may be worried about the appraisal. What should you do if the appraisal comes up short?  Here are some options that I tell my buyers and sellers:

For sellers:

• Walk away. If the appraised value comes in lower than what a buyer is willing to pay, that buyer may want you to lower your price. You can do that, or you can walk away and put the property back on the market with hopes that a new buyer, new lender and new appraiser could yield different results. There is a chance, of course, you’ll end up in the same situation.

• Order a new appraisal. You could request that the buyer change lenders and get a new appraisal or see if their existing lender will order a different appraisal.

• Provide evidence of a higher value. If you think the appraiser made an error in determining the value of your property, you could present evidence to the contrary. That could include past home sales or in a multiple bid situation, other offers.  

• Have your home appraised yourself.  In fact, having your home appraised when you first list it is also an excellent way to help ensure you're not overpricing your home.  Most buyers have to get a loan when purchasing a home.  And, lenders require the home appraise or the buyer bring additional cash to the closing.

For buyers:

• Walk away. If your offer was contingent upon the property appraising for the agreed-upon price, you could cancel the contract without penalty. If you really want the house, however, this probably isn’t the best first choice.

• Ask the seller to lower their price. You could try to use the appraisal as leverage to negotiate a lower selling price.

• Ask for a review. You could discuss the problem with your lender and see if there’s any type of appraisal review process. As part of any review, you’ll want to provide added information supporting a higher value.

 

Nick Coleman, Park City Realtor

By Nick Coleman
Call 435-640-7781 or email [email protected] 
to find your Dream Park City Home.

Follow Nick on Twitter @ParkCitySold for regularly updated Park City Happenings or 
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