HomeAnn ArborOptions for Sellers Whose Homes Don’t Appraise Options for Sellers Whose Homes Don’t Appraise If you’re a seller, what happens if your house doesn’t appraise? Want to Buy a Home? Search All Homes Want to Sell a Home? Get a Home Value Report What happens if your home doesn’t appraise? Here to help me discuss today’s topic is Steve Stork of Summit Funding. Steve has been working with us for about 10 years, and we consider him an expert on this subject. Together, we came up with a list of things that can happen if your house doesn’t appraise: We can split the value. We can ask the buyer to bring cash. We can lower the price and then close. We can choose not to close. More often than not, you’ll see a section on an appraisal report entitled “pending sales,” which refers to the comparable homes to yours that, like yours, are under contract. Because they don’t yet have a sales date, pending sales are not given any weight in terms of the value of your property. So, by calling that listing and finding out where these pending sales are in the process may give you some insight into a potential comparable you can add to the mix once it closes. At that time, you can send the appraiser back out to the home to reinspect the property and use the comparable to help calculate the overall sales value. We can wait for more comps to sell if prices are going up. We can also refute the appraisal if the buyer will cooperate. If you have any additional comparables the appraiser might have missed, you could bring those to the attention of the appraiser, possibly earning some value for your property. We can ask the buyer to reapply with a different lender. If it was an FHA appraisal, the appraisal sticks to the property for four months. Unfortunately, there’s no way to dispute that appraisal; you just have to wait until that period is over and to take another FHA offer. “ Because they don’t yet have a sales date, pending sales are not given any weight in terms of the value of your property. ” If you have any questions for us, feel free to reach out. We are here to add value to your real estate experience. Written by Kathy Toth on October 11, 2019. Posted in Ann Arbor, Ann Arbor Real Estate, Home Selling, Real EstateTags: Home Appraisals Trackback from your site. Leave a Reply Click here to cancel reply. Name (required) Email (required) Website Comment Submit Comment About our blog Follow our YouTube Channel and +1 us on Google Plus! CategoriesCategories Select Category Additional Resources Ann Arbor Ann Arbor Area Real Estate Ann Arbor Real Estate Buyer Tools Chelsea Coming Soon Collection Community Spotlight Company Info Dexter Community Dexter Real Estate Home Buying Home Owning Home Selling Home Value Information Insurance Insurance Tips Join Our Team Market Updates Market Updates Neighborhoods New Website Features Open Houses Parks Real Estate School Information Schools Scio Township Seller Tools Technology Things to Do Uncategorized Archives Archives Select Month December 2019 November 2019 October 2019 September 2019 July 2019 May 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 August 2018 July 2018 May 2018 April 2018 March 2018 January 2018 November 2017 October 2017 June 2017 April 2017 March 2017 September 2016 August 2016 July 2016 June 2016 May 2016 April 2016 March 2016 February 2016 January 2016 December 2015 November 2015 October 2015 September 2015 August 2015 July 2015 June 2015 May 2015 April 2015 March 2015 February 2015 January 2015 December 2014 November 2014 October 2014 September 2014 August 2014 July 2014 June 2014 May 2014 April 2014 March 2014 February 2014 January 2014 December 2013 November 2013 October 2013 September 2013 August 2013 July 2013 June 2013 May 2013 April 2013 March 2013 February 2013 Contact Us Now First Name Last Name Email Address Phone Number Message Any questions, comments, or feedback Submit Now!