Selling a property and appraisals go hand in hand.
From a seller’s perspective, if a potential buyer is interested in your property and getting a loan, they are almost certainly getting an appraisal as well.
In the current real estate market, we are still seeing multiple offers on properties. 60%-70% of appraisals are coming in right at the purchase price.
If the buyer comes back and determines the property appraisal was less than what they went under contract for and they do not want to pay above the appraised price, the seller has a few different options to consider here. The seller can either accept the appraised value and sell for that amount, they can refuse to sell at which point the buyer will terminate the contract and get their earnest money back or they can negotiate with the buyer.
Negotiations are a powerful tool in real estate transactions and sellers should have a good negotiator in their court, usually their real estate agent who has great knowledge in this area.
