The biggest threat to your home sale is a low appraisal Florida. This is why your agent needs to make sure the appraisal is accurate.
Here is the process your agent needs to follow to ensure an accurate appraisal.
The person doing the appraisal doesn’t understand why the home is selling for a specific sales price. The appraiser doesn’t understand why buyer only willing to pay X. That is why your agent must explain that to them.
First, your agent should always meet the appraiser at the property and bring a detailed Comparable Market Analysis (CMA) with them.
The CMA should include at least 3-5 comparable sold homes, 2-3 comparable homes currently under contract, and 3-5 active competing homes currently on the open market.
Your agent should put together a detailed CMA using the sold comparable sales. The agent will give that CMA along with the actives and pending home sales to the person doing the appraisal Florida.
Most likely the appraiser will ask your agent what they feel the value of the house is. Then, your agent should show them the MLS history and explain why the house is only selling for X.
The key with the CMA is to use the closest Comps available. You should not include REO or Foreclosure Comps if possible. Appraisers want the closest geographic Comps available. This is very important especial if your home will be appraised by an out of town appraisal. They are not familiar with the area and the surrounding areas, and your agent needs to make sure the appraiser will have all the needed information to make an educated and most correct appraisal.
Want to know what your home is worth?
We provide for homes a Maximum Value Audit by clicking here or call our hotline at 1-800-648-0037 Ext. 1001 before a low appraisal Florida will break your deal.