Have you had trouble selling your home? Was the appraisal an issue?

NAR: Appraisals Continue to Hamper Sales

Many sellers continue to complain about the soft real estate market.  In some areas the market is anything but soft, but issues can arise with the appraisal which can cause a sale to fall apart and the seller ends up loosing a buyer.  How can you prevent this?

Much of this responsibility lies with the agent you choose.  Your home must be priced within the market to appraise and there must be evidence of recent homes sold supporting that number.  Your agent should meet the appraiser the day he or she conducts the appraisal and offer to provide comparable solds for use.

While the appraiser has very strict guidelines they must follow, pointing them in the right direction helps significantly, especially if the appraiser is not familiar with the area.  In some areas of our market, prices are going up and it is critical that the evidence supporting this be given to the appraiser before they complete the appraisal.  While an appraisal can be appealed, an appraiser will usually not change their stated value after they have completed the evaluation.

If you are thinking of selling your home you need to really do your homework.  You should be asking any potential agent how do the handle the appraisal.  If they don’t come out to meet the appraiser you may have a problem.

Selling your home?  Give me a call, handling the appraisal is one of many things in your selling strategy we should discuss.

Reference: National Association of Realtors

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Carl Adams
Realtor