Long Grove Real Estate- what happens if the Long Grove home you thought you sold doesn't appraise?
Ok you thought that everything was going smoothly... you hired a great Long Grove Realtor with a great reputation who sold your Long Grove Real Estate to a great buyer for a great price and then 2 weeks before closing you get the very not so great news that your home doesn't appraise. What does that mean to you as a seller? Unless you have a cash buyer, your buyer will not be able to get a loan to buy your Long Grove home.
The first step after your receive this news is to cry... No just kidding... 
Honestly, first your Long Grove Realtor needs to get a copy of the appraisal from the buyer's Realtor or lender and determine if there are any errors or ommissions in the appraisal.
Second your Realtor needs to determine if the appraiser calculated the correct square footage or number of bedrooms and bathrooms in the subject property and the comps.
Is the basement finished of the subject property and listed as such?
Are their better comps that your Local Long Grove Realtor has knowledge of?
This review of the appraiser's appraisal is pretty complicated and if your Long Grove Realtor is not knowledgeable about the area or the comps, she will not be able to successfully challenge a low appraisal
If you can't get the appraisal changed, do you have any options?
- You can lower the sales price of your Long Grove home to match the appraised value. Not probably what you want to do...
- You can have the buyer increase the down payment to make up the difference. Of course this is only an option if the buyer has extra cash and is willing to pay more than the appraised value. ( this option rarely happens)
- You can meet in the middle with the buyer
Hopefully, you don't have to go through this problem and you price your Long Grove Real Estate based on the current market conditions.
If you would like more information about the Chicago Northwest Suburbs,including Buffalo Grove Long Grove,, Lincolnshire, Vernon Hills, Lake Zurich and the surrounding suburbs, please do not hesitate to call Judy at 847-602-5435 or email her atinfo@buffalogrovehomes.com.
Her websites, www.movetolonggrove.com , www.buffalogroveareahomes.com, and www.vernonhills-homes-for-sale.com will provide you all the information regardless as to whether you are a potential buyer or seller
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Judy, it is a back to the drawing board moment for sure. Great ideas on what realistically you can do.
This is happening all over... nice post
Hi Judy - Sellers must also be aware that a good buyers attorney will add to the contract, even on a cash deal, that the property must appraise for at least the purchase price. This is good buyer representation to make sure buyers do not over pay. As a buyers agent with cash buyers I highly recommend my buyers get an appraisal, especially for higher priced homes where comps are truly hard to find.