You’ve got a contract on your Cutchogue home and waiting to set a closing date. One factor in where or not everything goes smoothly comes down to the home’s appraisal. Waiting to hear that all is well can be frustrating enough, but when the news is unfavorable, it might seem like the end of the world.
While most appraisers are completely competent at their jobs, some might be unfamiliar with the North Fork or use inappropriate comparisons. Below are common appraisal problems of which you should be aware.
- Inaccurate comparisons – Some appraisers will pull comparables without taking into consideration whether they’re foreclosure, abandoned or short sale properties. All of these types of listings can drive down the value of your home.
- Ignored market conditions – The market can turn around quickly, so this is a common mistake some appraisers make. They need to take into account rising prices, multiple offers and low inventory, and use current information.
- Slow turn-around time – Appraisers know there are time constraints when it comes to purchasing property. If the buyer’s appraiser is taking an unusually long time to crunch the numbers, it could be a sign that they’re unsure; you might want to double-check their figures.
If the appraisal on your Cutchogue Real Estate just isn’t sitting right with you, don’t be afraid to do some research with your Realtor and fight back! If you’re getting ready to put your home on the market and would like more information on the selling process, please call us.