Home AppraisalsA low appraisal can really impact the sale of a house as well as a purchase, especially in this sensitive real estate market. A low appraisal can mean that a lender won't approve the loan to a specific buyer regarding a specific house. Appraisers compare the value of a certain home with other comparable properties in the surrounding location. It's important that the appraiser understands that specific local location and its characteristics. The local San Antonio movers found out that if foreclosures and short sales in a specific area can really take a toll on a house for sale in the same neighborhood. Also, if there were only a few home sales in a specific radius, appraisers might have to go outside that area to find comparable properties. Market conditions in that new neighborhood might be different and affect the appraisal.
For a more correct appraisal, it's important that you equip your appraiser with documentation proving any home improvements you've made through the years that will help differentiate your property from others on your block. This is key to improving its value when you're looking to sell and receive a fair amount for your investment. If you're the one selling, the local San Antonio movers found out it's a good idea to be present during the appraisal process along with your realtor, so he or she can present comparable sales and how they got to the final price tag of your home.
In the case that you receive a low appraisal, there are a few things you can do to challenge it because that will dictate how much you can get as a loan from your lender. If a home's value is less than the pre-approved amount of loan, the lender can't approve it. So as a buyer, you have the choice to cancel the contract. Since almost all home sales contract are written with an appraisal contingency (condition), buyers as well as seller can cancel if the appraisal is too low. If you really like the place, All My Sons of San Antonio remind you that you can negotiate a new contract. With a low appraisal, some buyers feel they can offer even less money for the home they want, however the seller still has to agree. Challenging the documentation is another take on handling low appraisals. Take a closer look at the comparables or hire another appraiser.
If you found a great home that's been appraised right and are ready to move in, call the local San Antonio moving company for professional moving services at a good price. You'll have reliable movers on your team with help on every detail, even assembling some of your heavier and more delicate furniture. All My Sons of San Antonio is part of the All My Sons Moving and Storage network, so you can rest assured that you're in good hands.