Appraisal vs. Market Value When Pricing Your Home

Did you know that appraisers use comparable market sales of local properties sold within six months when they appraise your home? With today’s market that does not make for very good value assessment. In fact, the appraised value does not always equal to true market value of your home.

Realtors will usually give a seller a comparative market analysis that is an estimate of market values based on comparable sales. Lenders will use the appraised value to determine a new mortgage in case of foreclosure.

Getting a buyer with a large down payment gives you a safety net when you get a low appraisal that could have killed your sale. A buyer with a strong credit rating that does not need a large percentage down can also help. Remember, do not include a clause in your sales contract that states will vote subject to appraisal” if you think there might be a problem with it.

To avoid low appraisals on homes do the following:

• Hire your own appraiser and asked the buyer or lender to hire one as well to review the appraisal.
• Require approval of buyer’s mortgage lender prior to signing a sales contract. Some lenders deliberately underestimate property values.
• Keep receipts and records of all repairs and upgrades and take before and after photographs.
• Make sure the appraiser uses complete information to secure your property comparables.

If your real estate appraisal comes in too low, do the following:

• Get another appraisal.
• File a protest with documentation of any repairs or upgrades.
• Request a larger down payment from the buyer.

Remember, a certified appraisal is just one person’s opinion of the value of your. The opinion that really counts is that of the buyer. You want the buyer to value your home above all others. There may not be many homes for sale, but you want that buyer to buy your home.

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