3 Steps to Handling a Low Appraisal

Marci Sepulveda Leave a comment

Receiving a low appraisal can be frustrating. If you’ve done the appropriate research and if all the parties agreed to the price, then it can’t be too far off base, right? So what options are available to you if the appraisal you received isn’t what you and your client expected?

Here are three steps to handling a bad appraisal:

#1. Try To Get the Appraisal Adjusted

Before taking this route, be sure to let your clients know that it’s difficult to get an appraisal changed. You can ask the appraiser to return, provide additional information to support your own findings, or have the lender send out a different appraiser take a look, but this is an extra expense and rarely yields positive results.

#2. Apply for a Loan with Another Lender

Another route you can take is to have the buyer apply for a loan with a different lender. There may be new fees incurred, but if you’re sure that the appraisal was simply wrong and you can’t get it changed, this may be the best way to get the property reappraised and produce a more favorable outcome.

#3. Have the Clients Agree to a New Price

You may have to ask your buyer to agree to a new price or put in a higher down payment, or ask the seller to lower the price to meet the appraisal results. If you’re representing the buyer, you may want to try to get the price renegotiated. Putting the price in line with the appraisal can be a chance to get a better value for your client. If you’re representing the seller, your goal is to get the buyer to make a higher down payment — because the lender is really only concerned with the amount of the loan, not the total price of the property.

Both Sides Might Have to Give a Little

These negotiations can be tricky, and both sides might have to give a little. What happens will depend on the market and how motivated the buyers and sellers are. But at the end of the day, the most successful agents avoid this situation by having an appraisal strategy already in place.

To learn more about how to overcome a bad appraisal and how to make the most of the appraisals process, explore our Appraisal track at AgentEDU.

AgentEDU features more than 70 different courses, each designed to teach agents the best practices for every situation. From daily core skills to high-level negotiations and everything in between, AgentEDU helps agents become top producers with increased earnings and a plan for continued growth.

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AgentEDU® is a platform where agents at every level can come to watch 10-minute video courses for the many situations that successful agents must master. From essential to advanced level and everything in between, AgentEDU® courses help agents become top producers with increased earnings and a plan for continued growth. For a 7-day free trial sign up here.

AgentEDU® is an Agent Publishing brand. For nearly two decades, Agent Publishing has been committed to providing residential real estate professionals with the information and training required to build successful and meaningful careers in their local markets. Agent Publishing’s influence extends to every career stage and reaches agents across print, digital, events and online learning.

10 Simple Ways to Prepare a Listing for an Open House

Marci Sepulveda Leave a comment

Preparing a home for sale can make the difference in market time, price offered, and overall satisfaction of your performance as an agent. This task is too important to take lightly or to leave up to the sellers.

Create an Emotional Connection

Your goal is to prepare a listing so that potential buyers create an emotional connection to it. In this blog post, we’ll cover ten simple ways to prepare a listing for an open house.

The first step in preparing a listing for market is to advise the owners on how to clean and reorganize so that they make sure the home looks its best. Eliminate clutter and storing personal items will help you make an impression with potential buyers.

An Attractive Presentation is Key

Your sellers will need to be on board with these recommended changes. The home may need paint, repairs and additional staging. Even rearranging or removing some of the home’s furniture can make a big difference. Sellers have to understand that an attractive presentation means the home will sell faster and for more money. Walk through new construction model homes to get ideas.

Here are 10 affordable and easy steps every agent can accomplish before a showing.

  1. Clean the house from top to bottom. Wash baseboards, nooks and crannies to make everything look fresh and new.
  2. Change out light bulbs, make them match and dust them off. Keep all lights on during showings, including closets and under-cabinet lighting.
  3. Remove clutter, including personal items and furniture that make rooms seem smaller.
  4. Patch and paint all cracks and holes in the walls. Get rid of outdated or strong colors and go for neutral paint.
  5. Curb appeal is paramount. Clean outdoor areas of debris from last season and store any decorations.
  6. Remove curtains and other obstructions to let as much light in as possible.
  7. Remove seasonal clothing from closets to show more space. Make sure all the hangers match. Closets and storage space should look as large as possible.
  8. Scour shower doors, change toilet seats and clean out drains.
  9. Clean out and dust all vents.
  10. Add healthy, robust potted plants – take out the fakes.

Once you’ve completed these steps and given the home a makeover, you’ll notice a big improvement – and your potential buyers will, too.

To learn more about how to prepare a listing for an open house, click here to watch the two-part course and start your seven-day free trial of AgentEDU today!

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AgentEDU® is a platform where agents at every level can come to watch 10-minute video courses for the many situations that successful agents must master. From essential to advanced level and everything in between, AgentEDU® courses help agents become top producers with increased earnings and a plan for continued growth. For a 7-day free trial sign up here.

AgentEDU® is an Agent Publishing brand. For nearly two decades, Agent Publishing has been committed to providing residential real estate professionals with the information and training required to build successful and meaningful careers in their local markets. Agent Publishing’s influence extends to every career stage and reaches agents across print, digital, events and online learning.