So how are you doing with your seller's home appraisal? It is a known fact to knowledgeable Realtors® that the appraiser can make the ultimate difference in whether or not a sale happens. At this point in the process a seller's agent needs to be at the top of their game and ahead of it by helping the appraiser through the process of substantiating that selling price for your seller's home.
Your seller has finally faced the reality, especially in older homes that are not upgraded and renovated, that their sold price is lower than they imagined. Even when you have shared all the comparable sold data with them. The reality sets in when a price is agreed upon with the buyer because they do need to move on with their life. Yet, this is where the 2nd level of the sales process begins - yes, believe it or not you had better have your ducks lined up to impress that appraiser. And if you haven't experienced it yet I don't know what planet your are residing on! That appraiser will make the difference on whether the mortgage goes through for the buyers at the agreed upon price - or it's lowered or it just does not happen. And there you are with a non-existent sale happening.
So the seller's job is to continue to keep the house up and in show status (this is paramount). While the Realtor® must again be at the top of their game to provide all anticipated and unanticipated information the appraiser may need or require. Have the tax data, square footage data, recent printouts of comparable sold homes in the area, list of upgrades/renovations done on the home (besides just pointing them out at the appraisal run through), most recent town/city tax information sheet all handy and be there physically to be helpful. This will be the last chance before commitment letter time to ensure your side of this transaction is supported for your seller and goes well.
By working hard for your sellers at this time especially will bring the needed results. This had been my game plan and I have not had an appraisal come in below the sale price we agreed upon in contract...yet. Fortunate, yes. But my ducks have been put in the right pecking order too.
It is a learning process and the lenders' underwriting team is being tougher and tougher in my little ole Rhode Island (yes, it does remain the best little state in the country). We, as Realtors®, want to be ahead of and on top of our game for all sellers in this process don't we? So how are your doing with your seller's home appraisal?
This blog © and its contents is original to Ginny Lacey Gorman
Ginny L. Gorman a purveyor of Fine Waterfront RI Real Estate
Specializing in waterfront, ocean front, vacation, coastal and luxury homes for sale in North Kingstown, South Kingstown, Narragansett, Jamestown, Charlestown, East Greenwich, Exeter, West Greenwich, Westerly RI and beyond ... I sell dreams! because there is no place like home...the RI Realtor in the Sparkly Red Shoes.
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cell: 401.529.7849 office: 401.884.4100 ext.268 Ginny Lacey Gorman, Realtor