Detroit Real Estate

The biggest Plymouth home selling issue as of September 2011 is appraisal issues.  Since 2009 banks hire the appraisers for your Plymouth home.  So the buyers bank/mortgage companies  determine what they feel the house is worth.

So let's say you have multiple buyers that want to buy your Plymouth home at $400,000.  $10,000 over the list price.  You accept the purchase offer at $400,000.  Then the buyer's mortgage company hires an appraiser to tell them what they feel it is worth.  The bank comes back and say it only appraised at  $375,000.

The buyers bank will only loan on the $375,000 amount.  So basically that means the other $25,000 has to come out of the buyer's pocket or you the Plymouth home seller has to lower the price to $375,000.  As a buyer nobody likes to pay more than what the house is worth.   You wouldn't do it.

As for the validity of the appraisal you have to remember that is just one person's estimate of value.  Will the bank accept another appraisal?  NO  Will they budge and adjust the price upwards if your realtor provides other comparables.  NOT LIKELY.  So yes the banks appraiser and appraisal may set the sales price for your home 

So when the buyer is told that the appraisal came in at $375,000.  The first thing the buyer or buyer's agent is going to do is ask you the seller to lower your price.  Then it will have to be a choice for you to make whether you want to sell your home or not.  

So the appraisal value is the biggest Plymouth home selling issue that Plymouth home sellers are facing.

If you are interested in selling your Plymouth home, please give me a call or email me.

313-310-9855

yesmyrealtor@gmail.com

Search Plymouth homes for sale

Plymouth Subdivision data

South Eastern Michigan real estate 

Real Estate Videos:

Metro Detroit home negotiation  

Plymouth First time home buyer tips - home inspections  

Plymouth MI relocation

Brooklane subdivision homes Northville Township MI  

Maple Hills subdivision Northville Michigan

Michigan Lake Info: