Make sure the BUYER is sufficiently motivated and able to make up the appraised / offered price difference out of their pocket. A big down payment usually solves this issue.
DON"T allow the bank to become a third negotiator in the transaction.
It's a little bit concerning that you're asking this and other questions on Trulia, and not to your realtor. It shows you're not completely confident in his/her ability... I hope that's not the case, and you're just being extra cautious.
Anyway, good luck with the sale, and purchase of new home!
Rodeo Realty, Studio City
With the way appraisals are ordered these days, many appraisers are NOT well versed with the neighborhood they are appraising and appreciate this type of information from the agent, who is an area specialist. Speak with your realtor and make sure they are prepared to go to bat for you. Dare to Dream.
Shel-lee Davis, QSCÂ®
Certified Distressed Property Expert â€“ CDPEÂ®
Short Sale & Foreclosure Resource â€“ SFRÂ®
Certified HAFA Specialist â€“ CHSÂ®
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
Market value's going to be determined by recent comparable sales. To ensure that something is taken into consideration for your upgrades, you could suggest to your agent that they contact the buyer's agent to see if the bank would consider doing an interior/exterior appraisal as opposed to a "drive-by" appraisal.
Congrats on getting multiple offers and getting your home ready, by doing upgrades and having selected
A nice location when you bought the place.
Prudent for you to itemize the value of the upgrades and point out the location.
The market is beginning to move up, and we are seeing multiple offers above list.