If you're looking to SELL your DFW home: Get a home evaluation
If you're looking to BUY a DFW home: search for homes on the market
Most people know that appraisals are important to buyers, but they are also important to sellers. Why? One thing many people don’t know is that when you sell your home, you really have to sell it to three different people.
First, the buyer’s real estate agent has to be convinced that the home is worth looking at. Then, the buyer has to like your home the best out of similar properties in your area. Finally, the appraiser has to be convinced that the home is worth what the buyer has agreed to buy it for.
What happens if you and the buyer agree on the price and the property doesn’t appraise? There are four main options:
- The buyer can walk away from the deal.
- The buyer can up the contract price to match the appraised value. The buyer needs cash on hand to do so and, unfortunately, many buyers do not have the money to up their offer.
- The seller can come down to the appraised value.
- The buyer and seller can meet somewhere in the middle.
Basically, if the home doesn’t appraise, you will have to renegotiate with the buyer.
“
”
If the home doesn’t appraise, you have to renegotiate with the buyer.
”
Knowing that the appraisal is going to be very important, is it better to overprice or underprice your home? The best thing to do is price your home according to what similar homes in your area are selling for. That way, you don’t leave any money on the table and the buyer won’t offer too much money for the home, which means the property will appraise.
If you have any questions, give me a call or send me an email. I would be happy to help you!
