Did you know that the appraiser will have a copy of your purchase and sale contract? They will. And frankly they will try to hit the agreed upon price if they can justify it. To keep both sellers and buyers satisfied that is the best result. But today we do see more issues arise than we did in the past. One of the areas that can be difficult is we have seen appreciating values this year in Ada and Canyon counties, contributed to by out low inventory levels, multiple bids and low interest rates. It can be difficult to find accurate comps for your listing.
In a recent survey conducted by the National Association of Realtors (NAR), it was revealed that:
- 11% of Realtors said a contract was cancelled because an appraised value came in below the price negotiated between the buyer and seller
- 9% reported a contract was delayed
- 15% said a contract was renegotiated to a lower sales price as a result of a low valuation
I personally have not had any major issues thus far, but I work hard to establish accurate values for both my sellers and the buyer I represent. I am also including an interesting graphic from KCM Blog.
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