Selling Below Appraised Value?
What are your thoughts on selling a home below the appraised value? This home has been a rental for more then 16 years but unfortunately, this past year the rental markeet has been horrible. So, i thought about selling but the agents that i ve spoken to all said a "specific price". That price that they quoted is said to be above the market price. BUt the price that they mentioned that it is above the market price is still lower then my appraised value. I am wondering why that is... Anybody have any thoughts on this?
Many factors could explain why current market value is different from (less than) the appraisal value, including:
1. how long ago the appraisal was done and changes in the property since the appraisal was done
2. purpose for which the appraisal was done (such as refi or insurance purposes) and approach methodology used by the appraiser
3. extent to which market conditions now are different from what they were at the time the appraisal was done
4. respective levels of competence of the appraiser and the real estate agents
There were no change of hands. I am the original owner. I had a refinance recently( about 4 monthes ago). I guess I have no choice but to sell it below my appraisal price, if I wanted the property to move fairly quickly.
Dear Doll,
If you would be so kind as to send me a breakdown of your housie and the amount of rent you have been getting for it.
I have a lovely maiden relative who has been renting in the area and she has recently come into a small inheritance and is in a position to buy a house to spend her declining years in. Two cats an infirm dog and a obsene parrot.
the address and financing would be helpfull. No I am not going to charge you a commission. I am only trying to be helpful.
After all she did bail me out of jail when I hit the police dog. He was going to eat my cat! Lest I could do is leave her a little fund. Just e.Mail it.
Awaiting Lucius
Hi Doll,
An appraisal on a refinance can sometimes come in stronger than what it would sell for on the active market.
If you didnt need the money right away, you could sell it on land contract for the amount of the appraisal or slightly higher. Get a comfortable down payment write the loan with a balloon in 1-3 years so that you can get your money back relatively fast!
If you can live with the projected sell price by listing the property, that would be a fine way to go as well!
Best of Success!
BAMZ