Avoid A Low Appraisal
Not too long ago a major newspaper had an article about low appraisals. It explained that the appraisal process has become more rigid in recent years. A low appraisal may mean that the buyer can’t borrow enough money to close. Low appraisals may become more of an issue if real estate prices continue to rise because the comps may look low versus the selling price. According to the article, the low appraisal can be contested - but this probably would be unsuccessful. It suggested that the best approach is to be totally prepared for the appraiser’s inspection.
Preparation for the appraisal includes comprehensive data on comparable sales during the past six months. Specific information on these “comps” may help: Busier street? Older kitchens and baths? Smaller rooms? Info on other houses which are in “contract” and haven’t closed can also help - but only informally.
How can the seller “best” be ready for the appraiser? A good solution is to have a smart, hardworking, experienced local real estate broker representing you. The experienced local broker may even know many of the appraisers who work the neighborhood - I do!
Call me. Love, Robin