Don’t let a low home appraisal disrupt your sale. You have options.
What do you do if your home doesn’t appraise? This is a concern for many sellers, especially with the way prices have risen in the last couple of years. Today I want to give you two ways to navigate that process and help you get through it.
First, before accepting an offer, see where the buyer stands with the appraisal. In the last two years, we’ve seen a lot of buyers either waive the appraisal or be willing to cover an appraisal gap. It’s good to know if your buyer is willing to do that or if they have the ability to do it. If your buyer doesn’t have the capacity to do that, are you willing to take on the risk, and figure out that gap? It’s an important expectation to set up front.
The second, and the most important thing you should do, is to make sure you have an experienced agent. It is important for your agent to educate the appraiser. Sometimes you’ll get appraisers who are not local. Since they’re not from the area, they don’t know the market the way we know it. We will meet that appraiser, develop a rapport, and let them know how we got to that number, how the process went, whether or not you had multiple offers, how much interest you had in the home, and why the house is priced the way that it is.
There are so many other factors involved. Meeting the appraiser allows us to point out upgrades and other unique things about the home that the appraiser may not have seen if they did the inspection on their own.
These are ways that you can navigate that process, help alleviate the potential for a low appraisal, and get your home sold successfully. If you have any questions or are interested in buying or selling, you can reach out to us at any time. We’re always here to help.