Seller's Guide - Coldwell Banker Real Estate Group - Flipbook - Page 19
R EPAIR A N D A P P R AISA L N EG OTIATIO N S
GETTING YOUR HOME UNDER CONTRACT IS EXCITING…
BUT YOU ARE NOT DONE YET!
Once you reach an agreement, work
Appraisals: If the buyer is purchasing the
closely with your agent to understand
home by obtaining a mortgage, the lender will
next steps and important dates.
require an appraisal. An appraisal is an opinion
of value at a specific moment in time. Recently,
Nationally, a significant number of contracts
the government has increased regulations on
typically fall through during the repair
the appraisal process and changed parameters
negotiations or because of appraisal issues.
appraisers must use. With these new regulations
Inspections and Repairs: It is a
and with home prices appreciating, low appraisal
best practice to have your home inspected
values have become more prevalent. Should the
before listing the home and correct any
appraisal come in lower than the agreed upon
issues found. This allows you to market
Purchase Price, the buyer may not be able to
the home as inspected and repaired.
get the loan they need to purchase the home.
Furthermore, it allows you to uncover any
Therefore, the buyer and seller can agree to
issues that exist prior to accepting an offer.
renegotiate the purchase price. Some buyers
may be able to apply for a different loan or
Even with a previously inspected home,
contest the appraisal; however, each situation
most buyers will have their own inspection.
is unique. Therefore, you need to feel confident
The buyer will submit a list of requested
that your agent can help you navigate this difficult
repairs and the repair list will be negotiated.
situation and outline your available options.
The seller is responsible for making the
agreed upon repairs prior to closing.
1
PREPARE YOUR
HOME FOR SALE
2
MARKET
YOUR HOME
3
ACCEPT
AN OFFER
4
REPAIR &
APPRAISAL
NEGOTIATIONS
5
MOVE OUT
& CLOSE
19
