the short sale timetable is variable and many times unknown, so it is a much riskier purchase for a buyer that needs a specific settlement date. Short sales many times will sell for less money for that reason. We disputed the appraisal with a long report detailing the errors the appraiser made, and an explanation as to why the comps he chose were not appropriate. Lenders are not required to order a second appraisal, but that's what we requested because the buyer wanted to purchase the property and didn't have enough money to make up the difference between the sales price and the appraised value. In this case, the lender understood that this was not an accurate valuation and ordered a second appraisal, which came in at the offer price of $265,500. If the seller was not aware that they could dispute the appraisal, they may have felt that the appraised amount was correct, and they would have lost $56,500! This is one of the many reasons most people hire a professional real estate agent to represent them. We know the system, how to navigate it, and how to solve problems so that you will net the most money for your property. Assessed value is the amount local or state government has designated for specific property and frequently differs from market value or appraisal value. This assessed value is used as the basis of property tax and when a property tax is levied. The assessed value of real property is not necessarily equal to the property’s market value. Approximately 60% of U.S. properties are assessed higher than their current value; however, this does not reflect the home’s value. This is another case where the assessor does not go into your home, and they make a guesstimate based on recent sales in the area.
WHAT IS YOUR HOME WORTH?
The first step in selling your home is knowing the difference between value, worth, and price. Let’s examine the determining factors at work. Understanding those factors allows them to be
8
Powered by FlippingBook