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Low Appraisal Tips

Low Appraisal Tips

Getting an appraisal can seem like a daunting task, especially if you’re selling your home. You want the best value out of your house so you can sell it and move on to the next step, but what if you get a low appraisal? Do you know what to do? Get A Second Opinion Or Appraisal Although it may seem set in stone when you get an appraisal, you can always get another one if you’re not satisfied with the result. However, the more cost effective solution is to simply speak with the appraiser or appraisal group and get a “peer review.” If, after such a review, the result is still the same, you may want to ask what is bringing your value down. There are often that the perceived value and appraised value are different, but this doesn’t have to keep you from reaching your goals. An appraiser is not permitted to speak beforehand about the appraisal, as in making promises, but can give you a run down of the detailed appraisal afterward and may have particular insight as to where you might be able to improve. Don’t let a low appraisal get you down, but remember to be mindful that it may not be what you’re expecting. Wait If you have a choice of selling now or waiting and you’ve done gotten a second appraisal but still arent’ satisfied with the results, you may want to consider waiting. It could be that the comparables in your area aren’t what you thought they would be or that your home could use some much-needed improvements. In any case, it could be extremely beneficial to simply wait it out and try again. Reduce the Price If Selling, Consider Renovations This piece of advice ties into the others: if you’re willing to, consider making some home improvements to up the appraisal value. Keep in mind that contractors and professionals should be contacted prior to making any home improvements to make sure the improvements are up to code and will add value to the house, as not all do. If you’re not thrilled with the idea of putting more money into the house, reducing the selling price may also be an option. Be sure to speak to a real estate agent to come to a more agreeable listing price that would be comfortable for you, but also attractive to buyers. It isn’t always a total loss even if it might be a slight loss monetarily. Be Professional Unfortunately, there will be cases where no matter what you do, the valuation will not be what you’d hope. If this is ever the case and you’re going through the appropriate steps, or have already gone through them, remember to always be professional and polite. The situation may be stressful, but it will go through smoother if you stay positive. Who knows? Your attitude may be the very thing that assures everything will work out in the end and if nothing else you’ll know what to do and where to go in the future.

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