Now
that you have found a home that you want to purchase. It is time to have an appraisal done. But what do you do if your appraisal comes in lower than what you
agreed to pay for the house?
Here
are a few things you can do to help push through a low appraisal.
1. Appeal errors and / or bad comps - read the
appraisal and see if you can find any obvious errors. Human error does happen.
Perhaps the appraiser missed a bedroom
or miscalculated the square footage.
If this happens, it will skew the entire report because now the comps
that were used are wrong also.
2. Double check the comps - ask your agent to
double check the comps that were used.
3. Ask for a second opinion - if the appraiser
ignores your request to revise his report, you may need to ask the lender for
help. If the lender believes strongly
in your case they may be able to talk
to the underwriter and request that a second appraisal be performed .
4. Renegotiate - low appraisals are disappointing to everyone. If the sellers have enough equity in their
home, they might agree to lower the price down to the appraised value or close
enough that the buyer feels comfortable putting more cash into the deal to
close the purchase price-to-appraised price gap.
4. Pay
it or split the difference - if you have been looking for your new home for a
while and you have finally found the perfect home, then you may want to just go
ahead and pay the difference. If the
home has been on the market for a while or the seller has an urgent need to
move, they may be willing to split the difference with you just to close the
deal.
5.
Maybe it's time to change lenders - mortgage banks have more control when it
comes to choosing appraisers than mortgage brokers do. Many local mortgage
brokers work for companies that also have banking divisions, and may be able to
get your loan processed through that division in an effort to give your
transaction a fresh start and work around a low appraisal.
It can
be challenging when the home you have chosen to purchase does not appraise for
the contracted sale amount. Talk to
your realtor. Your agent has the
experience to deal with low appraisals and will be able help you through this
and get you into your new home before you know it.
I
specialize in helping buyers and sellers invest in real estate in Loudoun County and Northern Virginia.
I
have over 25 years experience in the real estate industry. As a Broker/Owner with Exit Realty Talbot
and Company, I bring special tools and solutions that enable me to exceed the
expectations of my clientele. If you
are considering listing your property in Loudoun County or the nearby areas,
ask me about our latest internet marketing systems. I would appreciate the opportunity to earn your business. I am experienced in listing and selling
short sales. For information on the
short sale process, please visit www.LoudounShortSaleSolutions.com.
My
past awards and designations include – 2003 President of the Dulles Association
of Realtors, 2003 Dulles Area Assoc Realtor of the Year, Salesperson of the
year 2000 Dulles Area Assoc of Realtors,
Top Producer awards from both the Dulles Area Association and the
Northern Virginia Association of Realtors.
I am a member of the Top 5 in Real Estate Network.
I
have lived in Loudoun County since 1979.
I am married with two grown children and two grandchildren. My son in law is my business partner in real
estate. I love to jog in the mornings
and spend time relaxing on my Trawler during the summer months.
Loudoun County and Northern Virginia Real Estate Sales and
Solutions – Helena Talbot, Broker. I specialize in
helping buyers and sellers invest in real estate in the Northern Virginia area
to include Loudoun County and surrounding areas including Fairfax, Clarke,
Fauquier, Prince William Counties. Our local neighborhoods include Leesburg, Ashburn, Sterling, Potomac
Falls, Brambleton, Broadlands, Lansdowne, River Creek, Belmont Country Club,
Beacon Hill, Shenstone, Waterford, Lovettsville, Purcellville, Hamilton, Round
Hill and Bluemont.
Cell 703.727.9885 Office 703.574.3800
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