How to Avoid Appraisal Problems in the Sale of Your Home

Article by: Jeanette Joy Fisher

Before you sign a contract to sell your home, , Lawn Aeration -- The Cure for Soggy Grass Carpets check to see if the purchase offer depends on financing. Look for a clause witch states that the offer is contingent on your home's appraisal done by the buyer's mortgage lender. This clause causes many home , Lawn Aeration -- The Cure for Soggy Grass Carpets sellers to lose the sale or to lower the sales price later.

Appraisers draw on comparable market sales (comps) of local , Thinking of Remodeling Your Kitchen? properties sold within the last six months to value your home. , Hummingbirds ... Attracting Those Little Flying Powerhouses With todayï¿½s rapidly rising sellerï¿½s market, six-month-old information , A Hobby Greenhouse Will Get You Growing! is ancient history. Appraised value does not always equal the true market value, or what the home , Heirloom Decorating will sell for on the open market.

Realtors will give you a comparative market analysis, an informal estimate of market value based on comparable sales. Lenders, on the other hand, will use the appraised value to determine a new mortgage amount. Some lenders require that the stated property , How to buy land for new home value covers the mortgage amount plus their selling costs in case of foreclosure. For this reason, a sale may fall , How to Make Money at Home Growing Small Landscape Plants on 1/20 Acre or Less through if a home , Learn About Herb Gardening - Get The Natural Facts! sells on the open market for more than the appraised value, which often happens in bidding wars over hot , Fairy Angels, Never a Bad Choice property.

We learned the importance of securing a sufficiently high appraisal when we sold a rental property , Replace the White Birch With River Birches In The Furlong Pa. Area in Lake Elsinore, California. We listed the house , Culinary Herb Gardening for $234,700 on Friday. By Monday morning, we had three offers: $245,000, $255,000, and $260,000. We accepted the one for $255,000 because the buyers had $80,000 down, reassuring us that they had sufficient funds.

As usual, the lender sent an appraiser to review the property. , Culinary Herb Gardening This busy appraiser didn't take the time to view all the upgrades we put into the custom-built home. , A Hobby Greenhouse Will Get You Growing! Even worse, he used only comps from the local , Gardenscape On A Shoestring one-mile radius. Because this home , Ten Ways People Hurt Themselves With A Lawn Mower is close to a shopping district, there were not many homes , Relaxation in the garden starts with a Swing Bed sold in this limited area during the six-month period.

The appraiser used comps six months old; during this time housing costs in Southern California appreciated around thirty percent. Sales from six months previous should have gone up in value by $30,000 on a $200,000 home. , Remodeling: Getting Started This means that our home , A Hobby Greenhouse Will Get You Growing! should have been worth $250,000 to $260,000, especially since buyers are willing to pay this price on the open market. To increase the value of this home, , Bring Spring In! at the time there was not another three bedroom home , "DECORATING YOUR ENTRANCE FOYER" listed in the area for under $250,000 (excluding manufactured homes). However, the appraiser valued our home , Make Simple Curtains and Valance for any Window for only $230,000 -- and we would have lost the sale if the offer did not include a sufficient down payment.

Because a low appraisal can kill your sale, finding a buyer with a large down payment provides you with a safety , Add some splash to your garden with a fountain net. You may also choose a buyer with strong credit who doesn't have to put a large percentage down. If you think that your homeï¿½s appraisal could become a problem, make sure you don't include a clause in your saleï¿½s contract which states "subject to appraisal."

How to Avoid Low Appraisals

Hire your own appraiser before the sale. Then ask your buyerï¿½s or lenderï¿½s appraiser to review your appraisal.

Retain the option to approve your buyerï¿½s mortgage lender. Make sure that the buyer doesn't use a lender with a history of deliberately underestimating property , Tips For Buying a Whirlpool Bath Online values. A good real estate agent should know which lenders routinely under value homes. , "Free Plants, Seeds and Flowers"

Keep records of repairs , Psychology of colors – the bedroom and upgrades, including costs. Take "before" and "after" photographs. Create an organized journal with a listing of expenses and include pictures to show to the appraiser during the appraisal appointment. Stage your home , The Carpet That Needs to Be Replaced! for the appraiser like you do for buyers.

Secure your own property , Heirloom Decorating comparables to make sure the appraiser uses complete information. , The Carpet That Needs to Be Replaced! Call , Lawn Aeration -- The Cure for Soggy Grass Carpets real estate agents with homes , Whack-O-Matic in escrow and get the sales prices. Make a list of these properties , How to Control Deer in Your Garden with the agentï¿½s phone , Gardenscape On A Shoestring numbers and give it to the appraiser.

What to Do When Your Selling Appraisal Comes in Too Low:

1. Ask for another appraisal.

2. Protest the appraisal with documentation of your upgraded expenses.

3. Have the buyers make a larger down payment.

When you sell or buy real estate, remember that the certified appraisal is just one personï¿½s opinion of the value of your home. , Want a dream oil painting to match your wall¡¯s color? The opinion that counts for you is the buyerï¿½s: you want to be sure the buyer values your home , Want a dream oil painting to match your wall¡¯s color? above all others.
About the author:

Jeanette Fisher, author of Sell Your Home , Culinary Herb Gardening for Top Dollar--FAST, Staging Houses, , Tips on Budget Decorating Doghouse to Dollhouse for Dollars: Using Design , Bring Spring In! Psychology to Increase Real Estate Profits, and other real estate and interior design , Let your wall art define you books, teaches Design , Culinary Herb Gardening Psychology and real estate investing. For information , Thinking of Remodeling Your Kitchen? on Design , Lumber 101 Psychology, visit: For help selling houses, , Hummingbirds ... Attracting Those Little Flying Powers articles, and home , Gardening - Lawn Maintenance Chores Part I staging tips, , Hummingbirds ... Attracting Those Little Flying Powerhouses see

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