Housing-market trends bode well for sellers this spring, but some may encounter hurdles even after they land a buyer. Rising home values and a lack of inventory in many markets could set them up to receive competing offers, but that dynamic also could increase the likelihood that the appraised value of the home could fall short of the agreed-upon sale price. Here are some tips on what home sellers can do if their appraisal disappoints:
• Be proactive. One way to make it less likely that the appraiser will miss something is for the homeowner to provide details on any improvements made to the home. Homeowners can ask to accompany the appraiser during the inspection.
• Talk to buyer. Homeowners can appeal an appraisal, but they should find out if the buyer is willing to pay the higher price.
•Review appraisal. Ask for a copy of the report. Law requires lenders to provide the appraisal upon request within 30 days.
• Make your case. Most lenders have procedures to appeal appraisals, known as reconsiderations of value.
