WHY USE A BROKER, PART TWO – AVOID A LOW APPRAISAL
By Robin Shapiro
A while back, the NY Times had an article about low appraisals. It explained that the appraisal process has become more rigid in recent years – this is still the case. A low appraisal may mean that the buyer can’t borrow enough money to close. This can be a serious issue especially in the current market when prices tend to be weaker than during the past few years, and comps may be below the purchase price. According to the article, the low appraisal can be contested – but this probably would not be successful. It suggested that the best approach is to be totally prepared for the appraiser’s inspection.
Preparation for the appraisal includes comprehensive data on comparable sales during the past six months. Specific information on these comps may help: busier street? Older kitchens and baths? Smaller rooms? Info on other houses which are in “contract” and haven’t closed can also help – but only informally.
How can the seller best be ready for the appraiser? A good solution is to have a smart, hardworking, experienced local real estate broker representing you. The EXPERIENCED LOCAL BROKER may even know many of the appraisers who work in the neighborhood – I do! Call me.
Love, Robin..
