Home Selling in 50315>Question Details

Jeannie, Both Buyer and Seller in Des Moines, IA

What is the likleyhood of me selling my house for $11500 when it's only appraised for $88?

Asked by Jeannie, Des Moines, IA Tue Oct 28, 2008

I have remodled the kitchen with new cupboards and countertops, ceramic tile floor, and crown molding on the ceiling and new blinds. The bathroom has new ceramic floor, sink, exhaust fan. Livingroom has new wood laminate flooring. Privacy fenced back yard.

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Hi Jeannie:

In general, it will be quite difficult to sell a home for more than 30% of it's appraised value, not to mention the technical issues of getting loan etc (although if somebody is willing to put a lot down or even all cash, then there is no issue there as far as getting a loan is concerned).

The only way you can sell for 30% more than the appraised value is the house has to be very unique, generate a lot buzz, in a great / unique location (such as gorgeous Golden Gate Bridge view if you are in the Bay Area), have special value (historical building), extremely charming (cute english cottage), etc.

You can see where I am coming from. Very difficult to accomplsh, but I am never the one to say impossible. .

Sylvia
0 votes Thank Flag Link Fri Oct 31, 2008
Sylvia Barry,…, Real Estate Pro in Novato, CA
MVP'08
Contact
Jeannie,

Have you had your home reappraised since you completed the upgrades mentioned? Are other homes in your area selling for above appraised price? What is the saturation ratio of comparable homes available in your area? These are all isssues that a professional realtor can help you sort through.

I would be happy to assist you with a complete market analysis to help you price your home correctly for today's market! Pricing a home correctly for the market is the key to a quick sale!

Sarah Pesek
Prudential First Realty
sarahpesek@prudentialfirstrealty.com
0 votes Thank Flag Link Fri Oct 31, 2008
Jeannie
You might want to look at the link below first.

Let's see, would YOU pay more for a home than it appraises?

I would like to offer the service of a top Realtor in your area that can analyze your situation and offer your some alternatives. Without seeing the home and knowing the particulars it would be impossible to say for certain.

As an attorney once told me, there is more than one way to skin a cat. (that was for Halloween!)
0 votes Thank Flag Link Wed Oct 29, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
The appraiser is the eyes and ears for the lender to determine if the buyer defaults will the bank be able to recoup its investment in a foreclosure at the established purchase price. In my area each lender has "approved" appraisers they routinely use, if you hired the appraiser for personal use or to refi your appraised value could be different from the appraised value for a purchase. If the buyers lender uses a different appraiser than you used there could again be a difference in the established value. Is there a chance you mean "assessed" rather than "appraised"? There can be large differences between assessed (value established for property taxes) and appraised values so it's important to know which you are questioning.
0 votes Thank Flag Link Tue Oct 28, 2008
The banks will ONLY LEND money based on appraised value. Any difference the buyer would need to come up with the additional cash the likely of that happening is slim to none Considering a buyer would not have 100% financing, would need NOT ONLY pay for the difference appraised value and sales price, inspection, appraisal, earnest money, 3% or more for downpayment.
http://www.lynn911.com http://www.homes-for-sale-dallas.com
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Tue Oct 28, 2008
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