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Shawn Shayestehfar's Blog

By Shawn Shay | Mortgage Broker
or Lender in Los Angeles, CA

West Hollywood Real Estate – How to Overcome Appraisal Issues for West Hollywood Homes

West Hollywood home sellers usually get agitated thinking of a low home appraisal. Is low appraisal definite? Many of us in addition to some experts do not certainly agree, so why do some get such low value for their home? Is there something you can do to fix it? Certainly there is, actually, you’ll find a number of things you can to do, in order to address such appraisal. In real estate, you need to recognize that the evaluation is not personal, and it just an opinion of a licensed appraisers using comparable market sales and of course the economic factors that influence market prices. And the appraisals are done when buyers are financing the purchase of the home. So you should not argue with the broker, lender and buyers and don’t take it personally. As mentioned, take into consideration first current market conditions as well as other aspects that affect pricing.

Here, are a few things that can be done to address this issue:

1. Do your research, to help you figure out the existing market prices for West Hollywood homes. You can use online tools, apart from the variable market pricing analysis from real estate experts. The online tool is free of charge to use and the results are obtained from the regional data and not the actual prices drawn from actual inspections. Compare the results with the appraiser’s recommendation.

2. Negotiate with the seller; discover it is possible to reduce price. Essentially, this approach is not of the best interest for the seller, however it is more expensive to hold back for the next buyer to come along. In a usual selling timeframe, 90 days is the timeframe to close the sale. Sometimes, it is advisable to grab the opportunity at the present, instead of waiting again for the next time.

3. If you aren’t convinced that the appraisal might be a case of an insufficiently prepared evaluation, you and your agent should try to dispute the outcomes and compare the appraisal with the result from your comparable analysis. In this way, you may identify the appraiser and question his findings. When in doubt, you may want to request a new appraisal in order to shake things up.

4. This one would be the best approach and we personally make sure that it’s done at the beginning since we experienced this in first hand. Ask your loan officer about the market expertise of your appraiser that they ordered and submit your comparable analysis that you or your brokers have done. Make sure that your lender hires a local appraiser, someone that lives in or near West Hollywood area and is knowledgeable about the market. For example, local appraiser would know that West Hollywood home prices in north of Sunset is higher than South. This is something that a appraiser living in Orange County wouldn’t know.

5. Lastly, never allow feelings overpower your will. Always do business in a professional manner as buying or selling a home is a business. And in business, there are problems and there are ways to overcome disputes and find solutions for the problems. So instead of relentless arguments with appraisers, without the necessary proof and documents to verify your claim, get all the help you can get from your Realtor but get it done calmly and respectfully. This is how you fight the low appraisal issues of West Hollywood homes.

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