Buyers and Sellers – Protect Yourself From A Low Appraisal
According to the National Association of Realtors, 20% of real estate agents have lost a sale due to a low appraisal. Here are some suggestions for buyers and sellers to protect themselves.
For Buyers:
Ask your lender to use an appraiser from your county. Be sure the appraiser has a residential certification and a professional designation. For example: SRA-Appraisal Institute’s senior residential appraiser, MAI-member of the Appraisal Institute. Attending the inspection is also a good idea. A good appraiser will appreciate any information you can give regarding your knowledge of recent short sales and foreclosures that might skew the comps in your neighborhood.
For Sellers:
Find a qualified appraiser in your area on the Appraisal Institute site. Use the appraisal to set a realistic listing price for your home and share this information with the buyer's appraiser. A professional appraiser will understand that you are trying to add more data and another perspective and won’t be offended by your additional information.
