How to Avoid Low Appraisals When Selling Your Home in Rancho Cucamonga.
With the most recent real estate crash that happened over a decade ago, the negative impact it left still resonates with appraisers these days and they haven’t been overly optimistic since then. What has resulted is that many sellers have been faced with low appraisal values for their homes.
Pricing is Key
To significantly decrease the chances of encountering a low appraisal value, it is important to know how to price each property correctly. I have been in the real estate industry for 7 years now and have listed and sold over 100 homes. With my expertise in the home market in Rancho Cucamonga, I have no problem listing a house with a realistic sales price.
More Information Please
Not only is pricing a property important but also the information you present to the appraiser is crucial. As the seller, you should write up an inventory of all the improvements made to the house within the previous five years. Provide this list as additional data with the comps to the appraiser. And remember, you are only as good as your neighborhood; the neighbors and neighborhood have an overall effect on the home’s value.
Bridge the Gap
As one of Rancho Cucamonga’s top listing agent, I make sure all my clients are well informed of how appraisals work so there is a better understanding once an appraisal comes in. What typically tends to occur after a low appraisal comes in is that the seller is pressured to reduce their selling price to proceed with closing escrow. This doesn’t have to be the only option however. Aside from negotiating with the seller to lower the price, other options may include: have the buyer bring in more money to bridge the gap between sales price and appraised value, and they can try a different loan program or different lender. The buyer can also appeal the appraisal.
Free Home Valuation
My goal is to always be educated and to be up to date on the current real estate market trends and the overall economy of Southern California to be able to deliver the best service to my clients. Being in the loop has allowed me to appropriately price each home at an attractive price point to be able to sell it in the current market conditions it faces. If you would like to see what your home is worth for FREE please visit my home valuation site. If you are also interested in selling your home, please feel free to call me at (909) 500-4777.