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.