Many potential home buyers in Buffalo Grove are not qualifying for a loan due to the fact that the home value is not there. Bank foreclosures are putting more distressed inventory on the market and making it harder for appraisers to justify the Sold home comparables in Buffalo Grove. If the appraisal is too low, the buyers may not be able to borrow enough money to close on their Buffalo Grove Home purchase. Here are several steps to consider:
Check the Appraisal for Mistakes:
Make sure the property dimensions are correct and be sure to attach a plat of survey and a floor plan if available for the Appraiser. Look at the comparable properties that the appraiser used and make sure that they are correct. If the appraisal indicates that one of the comparables has a finished basement and it does not, that could significantly change you property value.
Supply a list of Comparable Sales:
Have your agent put together a recent list of Sold Buffalo Grove Homes that justify the sale’s price of your home. These properties should be of similar style, size and age to your home. This list should be submitted to the underwriter and ask for a review of the current appraisal. If there are not enough properties that have closed in Buffalo Grove, we can request that the underwriter look at the pending sales in the area. While a pending sale does not submit for a closed sale, it is possible to wait until that property closes and have the appraiser do a reconsideration of value with a date after the pending Buffalo Grove Home has closed.
Increase the Buyer’s Down Payment:
There are several ways a great lender can absorb some of the closing costs that can help the buyer put more money down.
Last but not least it is Sometimes Necessary to…….
Renegotiate the Sales Price:
This recently happened to me with a Buffalo Grove Home Sale and we did take all of the above steps and did get a second appraisal. We were able to increase the appraisal price however we were still $5000.00 apart. The buyer wanted the home and the seller wanted to move so the buyer came up $2500.00 and the seller came down $2500.00. We were able to make this work and closed the Buffalo Grove property.
There are many parts to Selling you Home in Buffalo Grove today and working with a qualified agent that goes the extra mile to solve all of the problems that can happen is critical in this market. Make sure to get a list of referrals from the agent that you are speaking with and check them out. This maybe one of the most important decisions that you make.