This is a tough one! Be prepared to gather a lot of facts to present to the seller. Here are a few:
â€¢ Comps of the last homes sold within a 1/2 mile radius, in the past 6 months.
â€¢ Ask the buyer for a copy of the appraisal and if it is okay to present it to the seller.
â€¢ Step by step, point out to the seller the reasons why the financial institution lowered the amount they are willing to lend.
â€¢ Inform the seller, financial institutions are in the business of making money, and would love to lend the maximum to increase their ROI, etc.
â€¢ Recommend to the seller that he/she orderâ€™s a second appraisal.
â€¢ Do a matrix showing the seller the net profit.
If youâ€™re not getting ahead, after all efforts have been made, do reversed psychology. Ask your seller to trade places, if you were a buyer, would you pay $400,000 for something that appraised for $325,000, only because you liked it?
Pierre King, Associate Broker
Weichert Realtors H P Greenfield