What should you do when there are issues with your appraisal? Find out here.
Sellers, do you know what happens if there’s an issue with your appraisal? There are really two main appraisal issues that come up during the selling process:
1. The home doesn’t appraise at the list price or contract price. In this case, your listing agent can show the comps they used when they did your comparative market analysis versus those the appraiser used, and then submit them to the appraiser. There are sometimes homes that weren’t posted on the MLS that your agent has information on that the appraiser didn’t. 2. The lender requires repairs. During the option period after the inspection report is done, your listing agent and the buyer’s agent should go through the report and identify the repairs ahead of time. That way, everything is fixed and well-prepared before the appraiser comes out.
If you have any other questions about what to do if your appraisal comes back with an issue, feel free to contact me.