Morristown TN Real Estate For Sale - #quicktip - Appraisal Fail (Back Out)

By
Real Estate Agent with Elite Realty Group

 

The Elkins Home Selling Team with Elite Realty Group provides services with Morristown TN Real Estate For Sale and Morristown TN Homes For Sale to home buyers and home sellers in Morristown TennesseeWhitesburgTalbottRussellvilleSeviervilleBean StationDandridgePigeon Forge and surrounding communities.

We specialize in working with Home Sellers in getting their homes listed and sold. We utilize the latest and most up to date marketing materials in assuring the job gets done quickly and with the least amount of hassle. Our homes are listed on over 32 different Real Estate web sites including realtor.com, yahoo.com, trulia.com and many others. Each office independently owned and operated.

Elite Realty Group is a full service real estate company serving Morristown TN Real Estate For SaleJefferson City TN Real Estate For SaleTalbott TN Real Estate For SaleRussellville TN Real Estate For SaleGrainger Co TN Real Estate For SaleDandridge TN Homes For SaleCherokee Lake TN Homes For Sale and Douglas Lake TN Homes For Sale.

Comments (8)

Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Norma, in our market, buyers are stepping up with an appraisal gap and we are not seeing terminations due to low appraisals.

Jun 02, 2022 05:35 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Hi Norma... my market is handling appraisal gaps pretty much the same way as Joan Cox has described in hers. When I represent a seller who is getting offers over ask, the first thing we ask the buyer for is an appraisal gap addendum.

Jun 02, 2022 05:47 AM
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

It is interesting that there is now a need for an appraisal gap and I am glad that there is for some buyers.

Jun 02, 2022 06:06 AM
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

We had an appraisal come in very low last year.  We thought that is was not an accurate view of value so we changed lenders and had a second appraisal done.  The new appraiser came in at value.  When I first started in this career, I thought appraisers were very objective.  I have learned that they can be very subjective.  What recent sales do you use?  How far away from the subject property is appropriate? How far back in time can you go and how do you justify going back more than a few months?  How much do you adjust the price for condition, size differences, features, etc.?  In our case, the two appraisers only used on similar sale and the adjustments were radically different giving the same property different values relative to the subject property.  All that being said, I am thankful for the appraisal waivers when we are able to use them.

Jun 02, 2022 06:09 AM
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

What I don't like is when these are not handled by an experienced appraiser. Not all of them are equal!

Jun 02, 2022 06:35 AM
Roy Kelley
Retired - Gaithersburg, MD

Good Thursday morning, Norma.

I hope you are having a very productive week.

Jun 02, 2022 07:24 AM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Hi Norma J. Elkins - great information.

Here in TX I always do my due diligence and put together my report for the Appraiser. I always ask if they want report and I never had anyone say no. It helps to know the area, especially since appraisers may not. 

Jun 02, 2022 08:37 AM
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

Appraisals are something that we depend on yet the levels of service are always different Norma 🥸

Jun 02, 2022 09:58 AM