How to Avoid A Low Appraisal On Your Home in Sarnia-Lambton
When selling your home in Sarnia-Lambton there are many things you have to think about as a seller. Receiving a substantial appraisal, shouldn’t have to be one - leave that to us!
Here at The Blue Coast Team, we know the importance of avoiding a low appraisal. We want the least amount of problems with your home sale and recognize the damage that could occur with a low appraisal- INCLUDING the falling out of your home sale. That is why we go above and beyond to help avoid low appraisals. We’re back today to share our tips on how we respond to the appraisal process.
How it works:
In Sarnia-Lambton once you accept an offer, a buyer’s going to have a contingency period. Within that contingency period, the buyer is going to need to have an appraisal done on your home. The bank is going to request that that appraisal be done as they need to make sure that if a buyer is paying say $1,000,000 for your home, the home’s worth at least a million dollars, if not more. If the property’s worth $900,000 and you’re paying a million, the bank won’t want to loan you a million dollars. The bank is looking out for you and they’re looking out for themselves to make sure that if you’re buying a home, you’re not overpaying for it.
Breaking it down:
- Accept an offer on your home
- An appraiser will reach out to your real estate agent during the contingency period to book a time to come by the home
- THE DEAL BREAKER: your real estate agent responds
This step is the most important step in the process. Most agents will tell the appraiser to go to the home, that there’s a lockbox on it, and that they will be in touch.
Here at The Blue Coast Team, we recognize that this isn’t enough. Instead, when we get that phone call we will make an appointment to meet the appraiser at the home to escort them in. Before meeting them, we meet with the sellers and compile a list of every single dollar that they have put into the home.
Every single update will be documented and handed to the appraiser at the appointment. We will also handpick the comparable homes in the neighborhood. The homes we used when listing your home, and the homes the buyers we’re seeing as well. This ensures the appraiser is up to date with the same information we had.
If there were competing offers on the home, we would also bring every offer to show that it was a well-desired home. We will meet the appraiser, build a relationship with them, and provide them with as much information as we can.
As you can see by practicing these 4 steps, we are able to avoid a low appraisal. Rather than just allowing the appraiser to enter the home by themselves, maybe with a lack of knowledge of the home, the neighbourhood, and buyer motivation.
That is why here at The Blue Coast Team, we like to go above and beyond in Sarnia-Lambton to ensure your home sale is smooth sailing.
If you’re thinking about making a move and you want a team to back you up and ensure your appraisal comes in where it needs to, give us a call: 519-331-3746.
