The appraisal is an important part of selling Highlands real estate. An appraisal has the opportunity to make or break a deal and it is important to price a home in the ballpark of fair market value if you want to avoid the latter. Appraised value is the amount a lender will loan on and a low appraisal brings forth some creative scrambling to get your deal done.
What can you do if you receive a low appraisal on your Highlands property? You have a couple of options. The first option is to accept the low appraisal and get the deal done. Another option is to ask the buyer to come to the table with the difference. This would mean that the buyer could secure a loan on the appraised amount but pay the agreed upon amount, he would simply have to come out of pocket with the difference.
A low appraisal does not have to mean the end of a deal but it will take some work to keep it together and get it to the closing table. A Highlands REALTOR® can be an invaluable asset in helping you navigate this issue. Contact me, Lynn Kimball, today to learn more about the selling process. My knowledge and experience can help get your home sold.
Click here to read “What is Appraised Value?” from Realtor Magazine.