A recent real estate agency has given your home an appraisal that is lower than you expected. This appraisal may impact the value of your home and, by extension, affect how much you can get for it on the market. If you’re a seller, your options for appealing the appraisal may be limited. If you’re a buyer, you may have no choice but to accept the low appraisal. https://www.myhousesellsfast.org/we-buy-houses-Athens-ga/ can help you sell your house even if it’s in poor condition or in need of repairs.
Here are ways to appeal a low appraisal for both sellers and buyers.
Understand How Appraisals Work
When you buy or sell a home, you have to get it appraised by a real estate professional. An appraisal is the only official document that suggests the value of your home as of the date of your sale. The appraisal is based on objective information such as local real estate trends, details of your home’s size and condition, any renovations you’ve made and similar homes in the area.
Talk to the Appraiser
If you receive an appraisal that is lower than you expected, talk to the appraiser to explain why you think the value of your home is higher. The appraiser will listen to your concerns and may be willing to change some aspects of his appraisal.
Talk to the Seller
Your best option if you’re a seller is to hire a real estate professional who specializes in appraisals. You may also be able to hire an independent appraiser, but he’ll likely find reasons to lower your home’s value rather than raise it.
Hire Your Local Real Estate Agent
Even if you’re a homeowner, don’t skip the services of your real estate agent when it comes time to sell your home. Your agent will be familiar with the market value of your home and can help you negotiate with an appraiser if the appraisal is too low.
Appeal to a Broker or Appraisal Review Company
If you’ve already had one appraisal and it was too low, you can hire a broker or review company to check the initial appraisal. A broker or review company will send an appraiser out to look at your home and give you a second opinion on its value.
Give the Appraiser a Counter-offer
Some negotiations and counter-offers will make an appraiser more willing to revise his original appraisal. Instead of making a final decision on your home, the appraiser may offer you additional time to make changes for him to consider.