Farmington home selling issuesAs many of you know appraisal issues is the biggest Farmington home selling issue that we face in 2011. So here are 5 questions I get asked most when the appraisal comes in lower that the purchase agreement price. 1. Will the bank accept another appraisal from us? NO 2. Do I have to accept the price the bank sets? NO You can chose to not to sell at that price, or to try to get the buyer to pay some of the shortage between appraised value and sales price. Will they do it? Probably not. As a buyer nobody likes to pay more than what the house is worth. You wouldn't do it. 3. Will they budge and adjust the price upwards if your realtor provides other comparables. NOT LIKELY 4. Is the bank trying to rip me off? NO But they are being conservative in valuations of Farmington Hills homes. They do not want to loan more than a house is worth. Remember the appraiser is more or less their employee, so they are going to make the appraisal in the banks interest. 5. If I don't sell to this buyer will the next appraisal be different? DEPENDS If the next buyer uses the same bank it would be. If the both buyer are doing FHA loans then yes it will be the same exact appraisal. The appraisal is good for six months. 6. Why won't they let us use the sales price? The bank only wants to loan on the value that an independent appraiser estimates. They want to loan on their estimate of what the house is worth, not what somebody is willing to pay for it. Just because somebody is willing to pay a high price doesn't mean the house is worth it. People over pay for things all the time. The banks used to use the sales price years ago, but then they got stuck with a lot of properties that were not worth the sales price. 7. Is my home really only worth what the appraised value is? NO Remember an appraisal is only one man's estimation of value. Another appraiser may have a higher or lower estimate. A cash buyer which is rare may pay more. So yes the banks appraiser and appraisal may set the sales price for your home. It's a hard choice to make, but most Farmington home sellers do lower the sale price to the lower appraisal price in order to get their home sold. So you this Farmington home selling issue may be a problem for you or it may not. Let's hope for the best. If you are looking to sell your Farmington Hills home then give me a call or email me and I will help you prep and stage your home before we sell it. If you are interested in selling you Farmington home, please give me a call or email me. 313-310-9855 Search for Southeastern Michigan homes Real Estate Videos: Seven Harbors subdivision, Highland Township Michigan West Bloomfield first time home buyer tips - buy a home or condo Livonia first time home buyer tips - pre-approval letters Canton Short sales - What does short sale approved mean? School Lake front homes Brighton Michigan Michigan Lake Info:
http://www.detroitmichiganrealestatehomes.com/005824 Posted on Oct 28, 2011 @ 9:33 pm by russ.ravary - View Profile
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