You may think that you've been put out of your misery after you accept an offer to purchase your property. "Goody," you say, "No more showings at all hours of the day and night. I can have my life back." Not quite. One extremely important showing remains: the inspection an appraiser makes as a condition of your buyer's loan approval.
This final showing to the appraiser is critically important. If the buyer's loan isn't approved because the appraiser thinks that your property isn't worth the amount the buyer is willing to pay for it, your deal falls through, and you're back in the fishbowl again.
Take these steps to prevent an appraiser from undervaluing your house:
- Shower the appraiser with attention and comps. Your agent may or may not be present during the appraiser's property inspection to "sell" your house one last time. If required, your agent can give the appraiser an updated copy of the comparable market analysis originally used to establish your asking price. The appraiser can use the comparable sales data to justify the sale price.
- Spiff your house up one more time. Appraisers are supposedly above being influenced by a house's appearance. Theoretically, appraisers won't get a bad impression if your property looks lived in. Sure. No matter what appraisers say, they are human. Perfectly staging your house one last time almost certainly makes a favorable impression on the appraiser. And if you're going for a record sale price in your neighborhood, every little bit helps.