When it comes to selling your property for cash, nothing is worse than a low home appraisal. But low appraisal doesn’t always mean a canceled sale.
At Detroit Cash For Homes, we have helped several homeowners who received a low appraisal. This is because we buy houses in any condition in Berkley as-is without improvements, staging, home appraisal, showings, etc. Thus, you need not worry about whether you receive a low or high appraisal value.
Let us look at the common situation of homeowners that receive a low home appraisal.
Imagine: You de-clutter your home, make the necessary improvements, stage it, and hire a reliable real estate agent to get an attractive price. Fortunately, your hard work gets paid off when your potential buyer makes a fair offer, and you readily accept it. You are happy that you can sell your house fast in Berkley and get the sale price, but once you sign a contract, your buyers’ mortgage lender asks for the appraisal value of your home. To your surprise, the appraisal value was set lower than the agreed-upon sale price. Now you are left confused, wondering what to do next.
If you are currently in this situation, first, you need to relax and stop panicking. Here at Detroit Cash For Homes, we will give you incredible tips to deal with a low appraisal value.
What to do if you receive a low home appraisal
If your home appraisal value comes remarkably lower than the purchase price, you have the following options to keep the sale alive.
- Reduce your asking price to the appraised value – The best way to recover from a low home appraisal is to sell your house at the appraised value, but be ready to leave money on the table, which is the hardest thing for any homeowner.
- Ask the buyers to make up the difference in cash – If your prospective buyer has enough money in hand, they can cover the difference with ease. For example, your buyer can increase the down payment.
- Renegotiate the price – If you and your buyer still want to keep the deal alive, it makes sense to renegotiate the sale price. For example, the seller can drop the price, whereas the buyer can increase the down payment.
- Cancel the deal and relist your home – In case both parties do not agree to come to one point, it is best to cancel the existing sale and list your property back on the market.
These are the ways you can bounce back from a low appraisal value and sell your house at a fair price. If you do not want to go through the listing and home appraisal, sell your property directly to a Berkley estate home buyer. These real estate investors buy houses without appraisal, showings, staging, and prior improvements.
If you are wondering how you can sell your house without dealing with home appraisal and other time-consuming processes, get in touch with Detroit Cash For Homes. We buy houses for cash in Berkley as-is without requiring you to undergo any unnecessary processes in spending money.