What to do about a low appraisal

Don't let a low home appraisal disrupt your sale. You have options.

Dear friends and clients, Despite rising interest rates shrinking your potential pool of buyers, now is still a great time to sell your home. Home prices continue to increase, just not as quickly as they did over the last couple of years. Still, keep in mind that rising home values can also present a challenge for sellers. Most buyers in today's market are financing their home purchases with a mortgage. To be approved for a loan, lenders require buyers to have an appraiser come out to the property. This is the bank's way of verifying the home's value so that they know it is secure to lend the buyer money. In a rising market, the appraised value of your home could come in lower than your asking price. This doesn't happen very often—around 8% of the time, according to a 2018 Fannie Mae report—but if it happens to you, what can you do? First, confer with your real estate agent to make sure your home isn't overpriced for the market. If it is, you'll need to adjust your price to align with the current market conditions since most buyers won't want to shell out thousands of dollars to cover the difference between the appraised value and the asking price.  If that's not the issue, look over the comparable sales in your area. The appraiser already bases their value on comparable home sales nearby, but you might be able to find better comps to justify your asking price. Otherwise, you could ask your potential buyer to make up the difference. Many buyers don't want to do this, but you have the upper hand in a seller's market like the one we're in now. Some may even agree to an appraisal gap guarantee, which ensures they'll pay the difference if your appraisal is low. If you're motivated to sell your home, and getting more than your asking price isn't your top priority, you could also simply lower your asking price to match the appraised value. That could entice your buyer to increase their earnest money deposit, depending on how you negotiate. Finally, if you and your buyer can't come to an agreement on how to proceed, they could cancel their contract and walk away. That would allow you to go back to square one and order a new appraisal altogether. If you've thought about selling your home and would like to know what yours is worth, visit my website to use our online calculator. If you have any other questions about selling your home or the market in general, don't hesitate to give me a call or send me an email. I'd love to speak with you. Monique Walker Featured Listings 7581 E McLEllan Lane, Scottsdale, AZ 85250 $1,000,000 2745 E North Lane, Phoenix, AZ 85028 $775,000 15525 E Sundown Drive, Fountain Hills, AZ 85268 $749,900 1121 E Kent Place, Chandler, AZ 85225 $699,000 19732 W Georgia Avenue, Litchfield Park, AZ 85340 $674,000 5370 W Country Garden Lane, Laveen, AZ 85339 $555,000 5008 E Yale Street, Phoenix, AZ 85008 $515,000 Looking to buy a Phoenix Metro Market Home? Looking to sell your Phoenix Metro Market Home? Call me at (602) 413-8195 for a FREE home buying or selling consultation to answer any of your real estate questions. Connect with us! Jonathon Keenan Bay Equity   P 602.714.1803 M 602.721.8037 F 602.865.7985 jkeenan@bayeq.com Monique Walker RE/MAX Excalibur 8510 E. Shea #100 Scottsdale, AZ 85260

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3 tips if you want to buy before selling

Three options for people who need to buy a home before selling.

Dear clients and friends,  Selling your current home before buying a new one is the conventional way to move. However, depending on your situation, there will be times when buying before you sell is the better option. Whatever your reason, you should know that buying first comes with additional risks, such as paying two mortgages, if your current home takes a long time to sell. If you're in a situation where you must buy first before selling, don't worry. It's not completely impossible, but it takes some strategic planning to make it happen. Here are three things you can do to help you buy before you sell: 1. Make an offer with a home-sale contingency. By including a home-sale contingency in your offer, you can purchase the new house once your existing one sells successfully. If your current home doesn't sell within a certain time frame, you can cancel the purchase contract without any penalties. To sweeten the deal, your agent can explain to the seller that your house will likely sell fast in the current market.   2. Finance with a bridge loan. A bridge loan is a short-term, high-interest loan. When you buy with a bridge loan, you can use your existing home as collateral to get a loan for your new house. To close your bridge loan faster, try to align the closing dates of your buying and selling transactions.   3. Use a service like Knock or Homelight to make a cash offer. Knock and Homelight are revolutionizing the way people buy and sell homes. These two companies offer game-changing home loan products that let you make competitive cash offers on your dream home before the sale of your current one and help you avoid paying two mortgages simultaneously.   Buying a new home before selling your existing one has its unique challenges, but if you can leverage the three options above and utilize the guidance of an experienced agent, you can come up with the best solutions for your situation. If you want more details about this topic or have any real estate concerns, don't hesitate to call or email me. I'll be happy to help.   Take care, Monique Walker Looking to buy a Phoenix Metro Market Home? Looking to sell your Phoenix Metro Market Home? Call me at (602) 413-8195 for a FREE home buying or selling consultation to answer any of your real estate questions. Connect with us! Jonathon Keenan Bay Equity   P 602.714.1803 M 602.721.8037 F 602.865.7985 jkeenan@bayeq.com Monique Walker RE/MAX Excalibur 8510 E. Shea #100 Scottsdale, AZ 85260

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