Dealing With a Low Appraisal on Your Property for Sale in Courtenay BC

As a homeowner, receiving an appraisal can be a shocking experience. Oftentimes, homeowners will place a higher value on their property compared to the appraiser due to sentimental value and other personal factors. However, home appraisals are a requirement in many scenarios, such as refinancing, selling, or buying a new property for sale in Courtenay BC. If your appraisal comes in low, you’ll need to decide how to proceed. 

What to do With a Low Appraisal?

If your appraiser gets back to you with a lower value than you anticipated, don’t worry! There are a few things you can do in this situation. To start, it’s a good idea to go through the report and make sure that the appraiser didn’t make any mistakes. Verify that they used accurate and up-to-date comparables and make sure there are no factual errors about the property size or layout. If you do find errors or areas that lack clarity, you can challenge the appraisal. However, you’ll need to make sure that you have the necessary documentation to support your claims. 

If you’re not keen to challenge the appraisal, you may consider getting a second opinion from another appraiser. However, as a buyer, you will need the lender’s permission to do this. In the case that this is not an option, try to negotiate with the buyer/seller. If you are the buyer, you might ask that the seller lower their price or cover the cost to close the deal. On the other hand, if you are the seller, you might want to meet the buyer halfway or reduce your listing price. 

As a buyer, you could also increase your down payment or find another lender if you’re dead set on a specific property for sale in Courtenay BC. 

Contact me Today About a Property for Sale in Courtenay BC

When your appraisal comes in low, it can cause some unwanted stress. However, with a little bit of extra planning and a new strategy it’s still possible to make sure everything goes accordingly. By working with a REALTOR®, you’ll guarantee that your real estate goals are met. 

For more information like this, be sure to return to my blog next month! Contact me about any interests you have for property for sale in Courtenay BC!