Home Selling in 08054>Question Details

Daniel Morri…, Real Estate Pro in Marlton, NJ

My house did not appraise?

Asked by Daniel Morrison, Marlton, NJ Tue Oct 26, 2010

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Just because the home did not appraise doesn't mean it ends there. Go back to the bank, and provide a comprehensive package supporting your assertion. Include settled within the last 6 months. Call the listing agents to determine if there was any duress in the sale, or special features about the home, or a deficient condition that was not evident in the listing. Go to the tax assessments ans determine a price per square foot. Also use the rent multiplier approach, and give recent rental information. Lastly compare the comps property to property, such as this one had a fireplace, mine has additional square footage in the home and lot size. You have the right to appeal. Is this for a purchase or refinance? Lastly have another appraisal by another approved appraiser. P.S. If none settled within the last 6 months, use 1 year or go to the adjacent development or town. FYI, I always meet personally with the appraiser...yes we are allowed to do this per the new HVCC regulations, and provide a package with agreement of sale, comparables, and receipts for recent improvements made to the dwelling. Good luck.
0 votes Thank Flag Link Thu Nov 18, 2010
A lot really depends on how far off your accepted price is from the bank's appraised price. If there is not such a big differnence, you may consider reducing your accepted price. If there is a greater difference you can try two things. You might want to ask the buyers to put down a larger down payment (if they can). This has worked for me. If the buyer comes up with more cash and has to take a smaller loan, then the LTV (loan to value) that the bank looks for will be less and then the property may qualify for the loan without changing the price. Or you may try to split the difference with the buyers; they come up with more cash down and you reduce your price a little. Good luck.
0 votes Thank Flag Link Wed Oct 27, 2010
I assume you mean it didnt appraise as high as you would like it to for what ever reason that may be. Your in the same boat as the rest of the country, here is my 2011 real estate outlook published online, in it I cover a few of the reasons why Americas Real Estate markte in general may continue to decline all next year, and possibly conitinue to decline for the rest of this decade. Click here to view the 2011 Real Estate Forecast: http://www.suite101.com/content/the-2011-real-estate-outlook…
Web Reference: http://www.sjrates.com
0 votes Thank Flag Link Wed Oct 27, 2010
If you are on the selling side then you need to figure out another approach.

You can get the buyer to try a different bank, or you can lower the price to match. If it is contingent on a mortgage and there are competitive offers in place, which would support the offer, you could see if the other buyers out there can pick it up.

Sorry it is hard to offer a lot more -- your question is technically not a full question.... can you elucidate a bit more?
0 votes Thank Flag Link Tue Oct 26, 2010
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