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With pricing going crazy, what happens if the home doesn’t appraise?
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Joe answers questions he received from clients. Feel free to submit your own question.
Email us: joeholmes@kw.com
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Great question and lots of spin offs on that one. The short answer is we get to sit down with all parties of the transaction and figure it out. If there are costs built in for the buyer – that’s usually the first thing that is removed. If that’s not an option, then you get to have a very open discussion about the reality of how it affects each person. As a seller – if this buyer doesn’t work out, will the next buyer have the same issue? As a buyer – do you have funds available to help bridge the gap? Is that worth not being able to buy the home you want? Long story short – we put on our problem solving & conflict resolution hats and get to work.
I assume it’s easier to sell a home right now due to the market, right? I guess that would depend on what you mean by “easier”. It can take less time with a market like this but you also work through different challenges. Appraisal issues like the last question are a reality. At times you have buyers that feel an offer over list price enables them to be unreasonable with inspection results. And then there’s good ol’ fashioned buyer remorse. Buyers have to move quickly and sometimes that means re-thinking their offer and backing out completely.
