Let's consider some important home appraisal tips. Imagine you’ve listed your home for a sales price that is higher than what homes have been selling for you in your neighborhood. You’ve chosen to do this because you’ve spent a lot of money upgrading your home, and you’re confident that buyers will respond well to these upgrades. You put your home on the market and voila, you get a quick contract – congratulations!
The Real Estate Home Appraisal Tips – You’re Not Out of the Woods Yet!
There’s an old saying in real estate that you actually have to sell your property twice – once to the buyer and once to the appraiser. The appraiser’s job is to make sure the home is worth the sales price that the buyer is paying for it. If there isn’t enough market data to support the sales price, the home might appraise for less than the contract sales price, and the buyer will have a chance to renegotiate the price down to the appraised value. If the seller refuses to drop the price, the buyer can walk away from the contract.
Read Part 2 of my blog series on home appraisal tips. We’ll discuss what a good listing agent should be doing to minimize the chances of your home having an appraisal issue.
Are you thinking of selling your home in the next 12 months? I can give you more home appraisal tips. Email me at DarrenRobertsonHomes@gmail.com to request a free copy of the top 5 mistakes Northern Virginia home sellers make.