Keep these tips in mind when pricing your home, so you won’t be blindsided before you get to closing.
Unless you’re selling your home for all cash, there will likely be an appraisal involved in the transaction. And when an appraisal comes in low, it can create complications. Often times, the contract will need to be renegotiated, to reflect the appraised value, or some other concession will need to be made. The deal can be cancelled all together. Or, you may be able to contest the appraiser’s findings, if you can show the appraised value is inaccurate.
Before you jump to any conclusions, however, it’s important to know some of the factors that may go into an appraiser’s final number. Some of these aren’t immediately apparent to most home sellers, but they are all valid considerations for an appraiser. [Read more…]