When you put your house on the market to sell, all you need is a ready, willing and able buyer. Right? Not so fast.
That 2nd sale can be more challenging than the first because the appraisal process has gotten so difficult. If a property doesn't appraise, then a buyer can't get a loan to purchase it.
Too many sellers - and their agents - list a property at a price out of wishful thinking. Imagine finding someone willing to over pay for your house only to be heartbroken when the buyer walks away from contract, gets their earnest money back and you're left unpacking. Not to mention the effect of being off the market for weeks and even under contract to purchase your next home.
A good agent should prove to the owner (with valid comps) that a property is worth the price they want. Be wary of an agent who tells you anything you want to hear just to get your business and then comes back later trying to work you down to the realistic price you should have started with.
Mortgage consultant Bill Ajello with The Lending Partners explains "Surveys show that there was a challenge with the appraisal on almost 20% of all residential real estate transactions. It has become more difficult to get the banks to agree on the contract price. A red flag should be raised if your agent is not discussing this with you at the time of the listing."
I always want to show my clients my plan to sell their house – TWICE! [where: 75230]