Buyers and sellers of Long Grove real estate may wonder what to do when faced with a low appraisal. In this scenario buyers can be in a pickle when this occurs because a lender is not going to process a loan for more than the appraised value of a home. In addition, when an appraisal comes in low sellers are faced with the possibility of falling out of contract. So the question is, do you have to accept a low appraisal of your Northern Illinois property?
There is always an option of getting another appraisal for your Long Grove home, however unless there is a solid reason to doubt the original appraiser’s work the same value could very well present itself again. When there is a low appraisal the buyer is in the best position because he has the option to buy at the new low price or walk away. The seller of the Long Grove home has the unwelcome circumstance of selling at a lower price or falling out of contract.
A low appraisal is dreaded by a seller and can be best avoided by performing a appraisal before listing or having a trusted Long Grove REALTOR® conduct a thorough comparative market analysis (CMA) before pricing your home to begin with. Contact us today to learn more about selling Long Grove homes and let our knowledge work to your advantage.
Contact The Sharron Kelley Team today to learn more about living in Northern Illinois. I can provide you with access to all Long Grove homes currently listed for sale and can help you find a home you will love.