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Mottl Cindy's Blog

By Cindy Valek Mottl | Broker in Downers Grove, IL

Accepted Real Estate Contracts and the Aprraisal Process in Riverside, IL

Once the buyer and seller have agreed on a price and all other terms, the purchase moves forward to closing...but wait!  There's still the dreaded appraisal process.  Appraisals have become a sticking point in the purchase process. According to a survey by the National Association of REALTORS done last fall, 11% of Realtors had a contract cancel due to a low appraisal, another 9% had a delay and 15% saw a contract renegotiated to a lower sale price as a result of a low appraisal.  While it is important that the consumer recognize that the role of the appraiser is not to rubber stamp the purchase price, appraisal problems are significant issues in "hot" real estate markets as we rebound from the recession.  What to do?  Know that both Realtors and the consumer can accompany the appraiser, not to be in the way, but to answer questions the appraiser may have relative to the property.  Often the appraiser is not local.  Once you have a copy of the appraisal, check it out carefully for any errors.  If you see a problem, appeal it.  Ask the lender to order a second appraisal.  Neither side is helped by errors in the appraisal.  The seller can lose a buyer and the buyer loses the property. 

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