low appraisal

“Wait a Second! Don’t Sellers Try to Get MORE for Their Home, Not Less?!?”

Multiple Offers and Appraisal Worries (Still) Alice in Wonderland would’ve loved today’s bizzaro housing market. That’s because — in the midst of an unprecedented Buyer feeding frenzy — “up” is often “down,” “in” is “out,” and “down” is “up.” Exhibit A: the Minnetonka home seller who reportedly countered a Buyer $20k below the price offered...
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“Who Ya Gonna Call?” (When an Offer Comes In)

Listing Agents Who Call the Buyer’s Lender As a Buyer’s agent, how can you tell if the listing agent (representing the Seller) is taking your client’s offer seriously? They call the Buyer’s lender — specifically, the lender on the Buyer’s Pre-Approval letter — and verify key information. Like, whether they’ve previously worked with the Buyer;...
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Did the Home Seller Get a Good Price? The Absolutely, Positively Single Best Way to Tell

“Outlier” Comp’s — Both High & Low Wanna guess the single best way, bar none, to know for sure the Seller got a (very) good price for their home? It’s not whether the house sold especially fast, for full price (or higher!), or even received multiple offers. All those metrics can be misleading, for a...
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Homeowner to Appraiser: “My House Has Two Bathrooms, Not One!,” or, “The Case of the Missing Bathroom”

Did the Appraiser Goof? A client trying to refinance his mortgage recently ran into an infrequent but not unheard of problem: a low appraisal. My client was convinced that the appraiser goofed because ” amongst other things ” the appraiser listed the home as only having one Bathroom, not two. Unfortunately, the second Bathroom is...
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Listing Agents, Appraisals, and The Golden Rule

“The showing by Ross Kaplan (612-926-8005) ( rosskaplan@edinarealty.com) at 2725 France Ave S, Minneapolis, MN 55416 (KeyBox# 32172172) began 01/12/2018 9:17AM.” –email sent automatically by Realtor’s electronic lockbox. What’s the best way for a listing agent (representing a Seller) to ensure that they’ll connect with the appraiser sent out by the Buyer’s lender? Note to...
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When It Makes Sense for Home Buyers to Pay a HIGHER Mortgage Rate, Especially in Multiple Offers

The Opposite of Buying Down Rates Wait a second! Isn’t borrowers’ goal to pay the lowest interest rate they can on their mortgage? Yes, but — especially for first-time home Buyers — there’s the added consideration of closing costs. On a $200,000 home, a typical amount would be 3%, or $6,000. Conserving Cash A popular...
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