Did you know that you may be selling your home twice in Tooele UT? Once to the home buyer, & then once again to the appraiser that is making the loan to the purchaser.
That’s what can happen when home sales take off and statistics and information can’t keep up. Price your house where you think the market is going, and it may be difficult to find supporting comparables. Appraisers hate that, and you should too. It’s no fun to need to resell the value. Either to the buyer, or the appraiser. Here is some info I posted on Face Book that explains what can happen in an up market like this. Just click on the graphics and see what KCM and I had to say.
The fact that residential home prices are increasing substantially in most regions of the country is music to the ears of homeowners. However, if you are in the process of selling your home, make sure you realize the major challenge a hot real estate market creates.
Each house must be sold twice; once to a buyer and a second time to an appraiser who represents the bank that will grant the purchaser a mortgage to buy the home (unless it is an “all cash” purchase). In a real market with escalating prices, the second sale may be the more difficult. And a recent survey by Quicken Loans reveals that the gap between what a homeowner believes is the value of their home compared to an appraiser is widening.
This could lead to an increase in the percentage of real estate transactions being challenged by a ‘short’ appraisal (where the appraiser value is less than the contracted price of the home).
Bottom Line
Whether you are a buyer or a seller, you must be prepared for this possibility as it may result in a renegotiation of the price of the home.
Need to know the actual value of your home? Want to make sure to list at the right price? Like to know what I would do to sell your home? Give me a call; Berna Sloan 435-840-5029. I don’t want you selling your house twice in Tooele UT.
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