We put our home on the market… three offers within 4 days in Phoenix, all at or right below full ask.
Going through appraisal now as the appraiser is giving us grief for the price and it sounds like she may not be on board with the sale price.
This will blow up our sale and the home we are in the process of buying.
If there are three offers on a home within a week of being listed shouldn’t that be enough evidence? For context, it’s the highest price (not psf) in the last couple years for the neighborhood, but it’s also the nicest upgraded an amenitied home.
If it comes back low- can we appeal without buyers being able to back out?
Posted by Lookatitclosely69
5 Comments
your listing agent should have pre-emptively sent the appraiser all the upgrades that mean value but might not be obvious, and the fact that you had 3 offers in 4 days and the range.
I had a Seller get ~10% more than market value (15% over ask) just last year by doing this, and neither the appraiser nor the Buyer ever said I peep about value post-appraisal.
Appraisers don’t care about offers on a home.
You can appeal but they are not often successful. Make sure your agent has sent over a CMA/a list of comparable properties that justify the sale price.
>If there are three offers on a home within a week of being listed shouldn’t that be enough evidence?
No :(. The only thing that matters are sold comparables within the last 90 days.
Can your buyer afford the delta in appraisal price/sale price?
Hold on. Why is the appraisal your problem? It’s the buyers lender appraisal right? The buyer made an offer. If it doesn’t appraise, they have to pay the difference to get the home, beyond their mortgage. Unless if they have an appraisal contingency..which you wouldn’t agree to. right?
I went through this. The difference was $30k between appraisal and offer. I thought the appraisal was low but I offered to split the difference and accept $15K less. The buyer walked. I had spent $5k on random crap repairs for the buyer also. Good luck.