You Sell Your Home Twice (Part 1 of 2)

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Real Estate Agent with GreatNorfolkHomes.com (757) 560-0881

You Sell Your Home Twice (Part 1 of 2)  

Home selling and AppraisalsIn 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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(c) Copyright 2012 Kathryn Maguire.  All rights reserved.

Kathryn Maguire, MBA, GRI, ABR, SFR, and e-Pro  

The Real Estate Group

Serving all of Hampton Roads, Virginia, including Chesapeake, Virginia Beach. Norfolk, Suffolk and Portsmouth

GreatChesapeakeHomes.com

GreatNorfolkHomes.com

GreatVABeachHomes.com

Kathryn@MyAgentKathryn.com

(757) 560-0881 (Cell)

(757) 410-8500 (Office)

(888) 696-2613 (Fax)

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Rainmaker
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Tanya Van Blake-Coleman
Van Blake-Coleman Realty, St. Thomas/www.talk-to-Tanya.com - St Thomas, VI
Improving the Quality of Your Life

I am looking forward to you ideas on a proactive appraisal.

Nov 14, 2012 11:12 AM #1
Rainmaker
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Debbie Gartner
The Flooring Girl - White Plains, NY
The Flooring Girl & Blog Stylist -Dynamo Marketers

Yes, you are right.  And, it's also important that keep you house neat and clean for when that appraiser is coming over.

Nov 14, 2012 07:28 PM #2
Rainer
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Kathryn Maguire
GreatNorfolkHomes.com (757) 560-0881 - Chesapeake, VA
Serving Chesapeake, Norfolk, VA Beach

Van: Thanks for stopping by. The second part comes out later today.

Debbie:  It is amazing how people don't realize that the condition of their property makes a difference in appraiser perceptions.

Nov 14, 2012 07:44 PM #3
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Karen Kruschka
RE/MAX Executives - Woodbridge, VA
- "My Experience Isn't Expensive - It's PRICELESS"

Kathryn   Arthur and I stopped by to wish you and your family a Happy Thanksgiving

Nov 21, 2012 05:46 AM #4
Rainmaker
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Leslie Ebersole
Swanepoel T3 Group - Saint Charles, IL
I help brokers build businesses they love.

 

To my new ActiveRain friend and fellow blogger,
I wish you all things bright and beautiful
at this holiday time and throughout the year. 


Dec 22, 2012 09:52 PM #5
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Karen Kruschka
RE/MAX Executives - Woodbridge, VA
- "My Experience Isn't Expensive - It's PRICELESS"

Kathryn   Arthur and I just stopped by to wish you a Happy, Healthy and Prosperous 2013

Dec 30, 2012 06:21 AM #6
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John McCormack, CRS
Albuquerque Homes Realty - Albuquerque, NM
Honesty, Integrity, Results, Experienced. HIRE Me!

Hope you have kicked 2013 off with a bang my friend.  Looking forward to seeing a new post from you soon.

Jan 14, 2013 10:32 AM #7
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Paul S. Henderson, REALTOR®, CRS
RE/MAX Northwest. - Tacoma, WA
Tacoma Washington Agent/Broker & Market Authority!

I never looked at it that way before but oh how true that is! Both sales are indeed important!

Jan 15, 2013 11:27 PM #8
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Charita Cadenhead
Keller Williams Realty - Birmingham, AL
Serving Jefferson and Shelby Counties (Alabama)

Not only is there no guarantee that an appraiser will change his/her mind, from my experience, it's highly unlikely that they will.

Feb 05, 2013 11:03 PM #9
Rainmaker
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Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

You've got odd code in your blog signature, fyi.

You know, it's amazing what sellers don't know about selling a home. I had a guy the other day tell me to take his home off the market because he did not realize that listing it for sale meant people would come over to see it, even though he watched me put on a lockbox and listened to me explain how lockboxes work.

 

Feb 07, 2013 02:45 AM #10
Rainmaker
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Jane Peters
Home Jane Realty - Los Angeles, CA
Los Angeles real estate concierge services

This is a great analogy, Kathryn.  You are continually selling your home throughout the escrow process, negotiating repairs is another example.

Feb 19, 2013 06:10 AM #11
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Rainer
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Kathryn Maguire

Serving Chesapeake, Norfolk, VA Beach
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