Highlands NC Real Estate, Low Appraisal

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A low appraisal can be great news for buyers, not so much for sellers of Highlands NC real estate.  Price is a tricky thing when it comes to selling homes these days and technically a home’s value is truly only that which someone is willing to pay.  So, what are the ramifications of a low appraisal on a Highlands property?

A low appraisal can hurt a buyer if the seller is unwilling to come down to the new, low price of his home.  A lender is highly unlikely to loan money for more than the appraised value of a home.  A buyer therefore has the option of walking away or finding a creative way to finance the home at this higher value, which will prove difficult.

A seller will be disappointed by a low appraisal and can either accept this new price or not.  There is always an option of seeking a new appraisal from a different appraiser as well.  A Highlands NC REALTOR® can be invaluable in ensuring that you price your home appropriately to begin with.  A thorough CMA (comparative market analysis) should determine a fair market value for your home.

Click here to read “Five Areas That Can Hurt Your Appraisal” from Realty Times.

 

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