(Published on - 5/8/2018 7:34:48 PM)
How to Avoid a Low Appraisal
Whether buying or selling a home, the last thing you need is an appraisal that comes in too low. This will put a wrench in the entire process including financing. Issues with appraisals are one the most common causes for delayed closings. Here are a couple of tips to help avoid this crisis.
1. Buyer - ask your lender to use a local appraiser, someone that knows the area
2. Buyers agent should be present during the appraisal and provide comps that are appropriate
3. Seller - get a prelisting appraisal, this will help in setting a listing price
4. Prelisting appraisal can be given to the buyer's appraiser
5. You can always contest the appraisal, the appraiser or supervisor may agree to consider new or overlooked information.
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