Profile picture for user9462303

I am selling a home and the appraisal came in higher than the negotiated price of the sale

is there anything that I can do as the seller
  • January 27 2014 - Las Vegas
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Answers (22)

As long as you had a good realtor that gave you a proper "CMA"  you should be glad that your home will
pass the loan process, due to the appraisal. If the price was agreed by both buyer and seller, then you can
not ask for a higher price unless it was written in your contract for the buyer to pay the difference if your home appraises for more than agreed price.  
  • June 02 2014
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Yes what Cecil said above.  Be happy and never greedy.  Hopefully you made money and will make more in the future!  
 
  • May 28 2014
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Profile picture for Toni Hanson
This is great news for you! Two transactions fell through this week because the appraisal came in lower.
How much more did it appraise for?
  • May 28 2014
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Profile picture for Todd Akes
It can still work in your favor. If circumstances dictate during your escrow, use it for leverage against the buyer. Depending on the price point, this is not uncommon.
  • May 28 2014
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That is good news since there shouldn't be any issues with the bank allowing the loan.  It is bad news if this deal is a short sale. The bank will probably want to make a counter offer which will stall the sale. 
   As the seller are you happy that your house sold or upset that you could have gotten more?   How much more are we talking?  At this point it might be difficult to impossible to stop the sale and how long would it take to find another qualifeid buyer.  There are carrying costs to consider if you were to pull the plug and stop the deal.   I hope that in the long run you are making out with this deal.  The best deal is when everyone walks away happy.  Good luck.  
  • April 23 2014
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Those are great news, hopefully the contract was for the money your were expecting to get. Usually when the appraisal come in higher seller doesn't need to know. since this can rise this kind of questions.
  • April 23 2014
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You are in a good position.... You are already in contract with a buyer!   But iff for some reason your buyer does not perform, you can put your home back on the market for the appraised value ;o)
  • February 15 2014
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It is wonderful news when the home appraisal comes back higher than the negotiated price of the sale.  You do not want it to come in less.  Now, on to the next steps of the process, this will hopefully lead to the sale of your property. 
  • February 11 2014
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That means the buyer will not have a problem completing the loan process , you don't want the appraisal to come in lower then it could be an issue for both sides- hopefully the inspections will go well too!
  • February 09 2014
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As stated earlier .. this is GOOD news.  I'm sure you feel slighted a bit knowing that you theoretically could have asked more for the home, but that's a mute point at this stage.  And who knows ... a different appraiser may have determined a lower appraisal.  It's just one appraiser's professional opinion, and those opinions can vary greatly.

You did good!
  • February 09 2014
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You should be ecstatic that your sale can move forward without a further negotiation of the sales price due to a low value.
  • February 09 2014
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Profile picture for Sandy Van
That is great that the appraisal came in higher than the negotiated price.  This means that so long as the inspections go well, and the Buyer's is still creditworthy, there is no reason that the Buyer should back out.  The appraisal is ordered by the lender to make sure that the home is worth the loan amount.  at the value of the loan.  You cannot change the purchase amount, since you agreed on the price. 

Appraisals may come in at different values, as different appraisers may come up with a different value. Your Realtor should have given you comparables when you listed the property, so you could determine the list price.  The appraisal should not be that far off.  

  • February 09 2014
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Profile picture for Andrew Finney
That means that you and your agent did an excellent job determining your list price!  

Great job!  Congratulations on your upcoming closing!
  • February 07 2014
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Well this means your buyer will not have trouble getting their loan..that is a good thing. There is nothing you can do if  you have already accepted this offer.
  • January 29 2014
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If the appraisal was lower than agreed on the contract negotiations would commence. If the appraisal come in higher than agreed on price that's good because there will be no reason, other than inspections or disclosures, that the deal will not close. As far as asking for more as the seller, based on appraisal, sorry!!
  • January 28 2014
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Thanks for posting your question on Zillow.com!

No, you want it to come in the same or higher.  It's when it comes in lower that you have a BIG problem!

Good luck.
  • January 28 2014
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The appraisal is ordered by the buyers lender and is solely for the purpose of verifying value to issue a loan for the property under contract. Seen this way, you and the buyer have already agreed on a mutually satisfactory price and signed that contract.  As long as the buyer can get the loan and is happy with the inspections and disclosures, it is locked in.

Appraisals are estimates and are part art, part science. Different appraisers may come up with different prices, though they should all fall into a range. Your Realtor should have given you a CMA (comparative market analysis) at the time you listed the property. This should not be much different from the appraised value. It uses the same principles of comparing your home to others that have recently sold to come up with a value. 
  • January 28 2014
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Cecil is correct. As long as its a price you are ok with that's what matters most.
  • January 27 2014
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That is a good thing,  The buyer will know they are getting good value and you know the house will sell for your agreed upon price.  Do not quibble
  • January 27 2014
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If the agreement/paper have already been signed all you can do is wait for the buyer to back out in the agreement or hope for the termite inspection to fail. Other than that, the deal is already sealed and there isn't much you can do to re-raise your price. Next time, I suggest calling a real estate agent. They can help assess your property for you usually at no cost to you. Among other things they can do on your behalf. Goodluck!

Cecil
  • January 27 2014
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Profile picture for wetdawgs
Yes, a seller can feel fortunate that the appraisal was sufficient so they don't have to negotiate hard.
  • January 27 2014
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Profile picture for sellingep
Unfortunately, unless the appraisal came in lower, you can no longer negotiate the sales price.
  • January 27 2014
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