Thursday, January 26, 2017

How to Deal With a Low Home Appraisal

ISLAMORADA, Fla. - Jan. 26, 2017 - PRLog -- Per Kim Bagnell Thaler, Top Producing Real Estate agent for Sotheby's International in Islamorada Florida,"When you put your house on the market to sell or you apply and receive a mortgage pre-approval, this begins a long process. If you are a seller, you smartly order a pre-listing inspection so there aren't any surprises. Then, you make all necessary repairs. Next, you have the house professionally staged and then place it on the local multiple listing service. Suddenly, you have an interested party who submits a purchase offer and you accept it.

If you are a buyer, you've taken the time to clean up your credit files, save money for a down payment, inspections, moving, and closing costs. You searched far and wide for the right house. After weeks of looking, you find a home you really like and submit a purchase offer. The seller accepts your offer and now comes the inspection phase.

For both the buyer and seller, the inspections are anxious experiences because each party doesn't want unpleasant surprises. When the inspections give the house a thumbs up, next is the home appraisal.

And, this is when you might have to know how to deal with a low home appraisal:

● Submit a "rebuttal of value." A low home appraisal can be appealed with what's known as a "rebuttal of value." Although odds are against the valuation being adjusted, it's certainly worth the effort to attempt to save the transaction.

● Have a second appraisal conducted. The buyer can also order a second appraisal. This does come with a cost, but it can be a shared expense, between the buyer and seller to save the deal.

● Negotiate the agreed selling price down. If you are the buyer, you can negotiate with the seller to lower the purchase price. If you are the seller and believe the appraisal valuation, you can simply lower the selling price.

● Make up the difference with cash. Another way of dealing with a low home appraisal is for the buyer to make up the difference with cash. While this places more burden on the buyer, it keeps the deal intact.

If none of these are feasible or work, then it's time to walk away. While this isn't a preferable solution, it's a smart move to move on.

Kim Bagnell Thaler is a pioneer among Florida Keys realtors. Regarded as one of the most influential realtors in the middle and upper keys, she provides expert and professional real estate service.

With her vast knowledge, 20 years experience and commitment to the highest

ethical standards, Kim remains a standout among other Florida Keys Real Estate  Agents.For help finding just the right Upper Keys Real Estate please see

Kim Bagnell Thaler

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