Property Appraisals Matter a Lot!

I wanted to sell my house fast in San Antonio, Texas and knew that it was worth an X amount of money. I quoted an appropriate sale price and negotiated accordingly. Both the buyer and I were satisfied with the final price and the buyer began to arrange funding for the home purchase. However, the lender requires a home appraisal,  this was when the deal collapsed.

I was quite taken aback when the value returned by the appraiser fell far lower than the agreed price. The bank refused to finance the ‘overvalued property’ due to the inherent risks and backed down from mortgaging the property. The subsequent negotiations failed and the buyer walked away from the deal. I, for one, still believed that my house is not worth the lower appraisal amount!

Alas, appraisals often fall short of the asking price and ruin good deals. This is the reason why I now prefer to get an appraisal before putting any property on the market. This assures me that my quoted price is right and there are no rude shocks later. During the appraisal process, I make all efforts to ensure that the appraisal comes in closer to my expected price – right from updating the house and making it presentable to informing the appraiser about recent sale values of comparable properties and new developments in the vicinity.

As for the earlier property, because I wanted to sell house fast San Antonio, Texas, I approached a cash buyer called MoneyBug who did not require a formal appraisal as they pay entirely in cash. The deal was closed quickly and to my satisfaction!