You Sell Your Home Twice (Part 1 of 2)
In today's real estate climate, you sell your home twice. What? Yes, it's true...you sell your home twice. The first time a sale occurs is when a qualified buyer submits an offer to purchase your home and you, the seller, and the buyer come to agreement on all terms and conditions in the contract.
The second time you sell your home is when the appraiser for the buyer's lender determines the value of your home. This second sale is important because if you are unsucessful in demonstrating the value in your home, it is just like the first sale never happened. If the appraisal comes in low, it is likely that the lender will not agree to provide the financing for the mortgage. The likely result of a low appraisal is the buyer asking you to lower the purchase price to the appraised value.
It is possible to challenge a low appraisal if you believe that the appraiser did not use accurate data in order to determine your home's value. However, there are no guarantees that an appraiser will change their valuation based on your arguments. It is a much better strategy to be proactive in establishing the value of your home.
I will discuss what goes into a proactive appraisal strategy in tomorrow's blog post so stay tuned!
You Sell Your Home Twice (Part 1 of 2)
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