Seattle Real Estate News

The appraisal is usually done by a licensed appraiser to give their professional opinion. Lenders would use this value to approve the loan amount you are applying for. In sizzling hot Seattle real estate market with multiple offers, sometimes the appraisal can come in lower that the agreed upon price.

Here are some options for home buyers to consider:

1. Renegotiate the sales price with the seller - perhaps meeting it half-way.
2. Move forward with the low appraisal and come up with the shortfall out of pocket.
3. Challenge the appraisal. We can help you with this this through proper channel.
4. Hire a second appraiser.
5. Walk away. Do not love something that is unable to love you back.

Here are some things to consider for listing brokers:

1. Don't overprice the house. 
2. Review comps prior to listing the house or making an offer.
3. Leave copy of comps used at the open house.
   

In general - it's not good to blast the appraiser, lender, realtors and seller when it occurs. As your professional realtor, I would advise you and make aware of the local real estate market and prepare comparative market analysis of what the property is worth for you to make an informed decision.