If your buyer is obtaining financing! Oh sure there are other options. The buyer could pay the difference in cash or the buyer and seller could split the difference but NOT in today's market.

This is a buyer's market.

The purpose of an appraisal is to ensure the buyer doesn't pay more than the property is worth. Would you pay more than a home was worth?

The lender won't. The lender wants to make sure that the house is worth the sales price because if the buyer were to default on the loan, the lender wants to make sure they can recover their loss.

The buyer won't either. Buyers want to know that they are making a GOOD investment. One that will appreciate, build equity and supply the most money possible when they sell.

In addition, if it's an FHA buyer (and because of the recent changes in the lending rules that's what most first-time homebuyers will be because of the low downpayment requirements - 3.5% ) that appraisal will remain on the FHA records for 6 months.

In a sellers market or if the property is especially desirable a buyer may be interested in paying more than appraised value but that buyer must have the cash for the difference because the lender won't make a loan for more than appraised value minus the downpayment.

The appraisal prosses is designed to protect the buyer and the lender from over paying for a property.

Robin Scott, BROKER. Certified Residential Specialist, Accredited Buyer's Representative, Seller's Representative Specialist. Amelia Bullock Realtors. 512.589.7988.

I want to be your REALTOR. If you are thinking of selling a house, give me a call. I'm happy to answer any questions you may have about the seller's disclosure or other matters involving selling a home. 512. 589.7988.

If you are interested in finding out more about Austin, living in Austin, real estate or buying or selling a home in Austin, I want to be your REALTOR. And I appreciate your referrals as well. Call or email to find out how I can help you. 512.589.7988 or robin @robinscottrealtor.com

Austin, Texas Homes for Sale. Robin Scott, BROKER Certified Residential Specialist, Accredited Buyer's Representative, Seller's Representative Specialist. 512.589.7988.

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1 Comments on Sellers - In Today's Market Your House Must Appraise

OCT
12
2009
866,661 Points 18 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

I wish more sellers understood this... just because they "need" or "want" X $$$ doesn't mean they can sell the property for that amount.  I still see a lot of overpriced properties on the market and the agents don't seem to get it either.
9:13am • #1


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Robin Scott - Broker CRS ABR SRS Austin Texas REALTOR®

Austin, TX

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Robin Scott, REALTOR®

Address: 7515 Windrush Dr., Austin, Tx , 78729

Office Phone: (512) 589-7988

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