Anshu Arora LLM, MSc, PMP

Cell 604-828-7331 | yourbcagent@gmail.com

The home-buying process is a high-stakes thrill ride full of exhilarating ups and scary downs, but unquestionably one of the most deflating moments is when the appraisal comes in significantly lower than the accepted offer. This is, to use technical real estate lingo, “a bummer.”


Either you feel as though you got the raw end of a deal by paying more than the property’s worth or, if you don’t have extra cash to hand over, the deal can crumble into dust. In a rising market, low valuations are pretty common because appraisals are based upon sales that closed when prices were lower,

 

So, what do you do if this happens to you? You have four options:

1. Appeal the appraisal

Sometimes called a “rebuttal of value,” the appraisal appeal takes some work. In fact, it’s a total team effort. “The homeowner, loan officer, and often the real estate agent work together to find better comparable market data to justify a higher valuation,” Either you feel as though you got the raw end of a deal by paying more than the property’s worth or, if you don’t have extra cash to hand over, the deal can crumble into dust. In a rising market, low valuations are pretty common because appraisals are based upon sales that closed when prices were lower.

 

2. Order a second appraisal

Most often, if the appraised value is not as high as the agreed (contract) price, the seller’s agent will ask to see the comps and get a second or third appraisal.


But it will likely cost you–you’re not only paying for the first appraisal (in your closing costs), but you’ll pony up for any additional appraisals as well. They can range between a few hundred dollars and $1,000 depending on the area. Occasionally, real estate agents or sellers will foot the bill if they really want to keep the sale.

3. Negotiate with the seller

If you’re lucky, you and the seller will both budge a little.

4. Walk away

No one wants to let a property slip through their fingers, especially if it feels like their dream home. But beware of ignoring a low appraisal—you could end up losing thousands whenever you decide to sell.


I can help you Navigate our Real Estate Market, help you get the Price you Want and Find that Dream House!

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Homeowners preparing to sell often make improvements, both big and small, to their homes that can help yield positive results and garner top dollar from buyers. According to a new report from the National Association of Realtors®, remodeling projects can also bring major benefits to homeowners who choose to remain in their homes.

 

According to NAR's 2015 Remodeling Impact Report, which uncovers the reasons homeowners choose a remodel and the increased happiness certain projects bring once completed, 64 percent have experienced increased enjoyment in their home after completing a remodeling project. Additionally, 75 percent of respondents said they felt a major sense of accomplishment when thinking of their completed project. Fifty-four percent of respondents felt happy about the changes to their home, and 40 percent felt satisfied. As for their reasons to complete a remodeling project, 38 percent of homeowners said they wanted to upgrade worn-out surfaces, finishes and materials; 17 percent wanted to add features and improve livability; and 13 percent believed it was time for a change.


When looking at the interior projects that yield the biggest financial results upon resale, Realtors® ranked hardwood flooring refinishes (100 percent of project cost recovered upon resale), insulation upgrades (95 percent recovered), new wood flooring (91 percent recovered), and converting a basement to a living area (69 percent recovered) as projects to consider.

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The average residential sale price increased 17 per cent in Greater Vancouver and 10 per cent in the Greater Toronto Area, to approximately $947,350 and $622,150, respectively. As demand shows no signs of waning, these markets are expected to continue to see price appreciation in 2016, of seven per cent in Greater Vancouver and five per cent in the Greater Toronto Area.

 

In these competitive markets, sellers want to ensure they maximize the value of their homes, while buyers look for guidance during the fast-paced bidding process. In a recent Leger survey conducted for RE/MAX, 70 per cent of homeowners agreed REALTORs provide value when buying or selling a home. RE/MAX 2016 average residential sale price expectation for Canada is an increase of 2.5 per cent as Canadians continue to see home ownership as an important milestone as well as a good investment.

 

Contact me to see how I can help YOU Buy and Sell your House!

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No matter the reason, according to the National Association of Realtors, less than 10% of FSBOs actually sell.

 

  1. FSBOs Don’t Know How To Prepare The Home Correctly Before Listing For Sale
  2. FSBOs Don’t Know How To Screen Potentials Buyers
  3. FSBOs Aren’t Able To Be Available To Handle Property Inquiries
  4. FSBOs Don’t Allow Potential Buyers To View The Home Without Pressure
  5. FSBOs Don’t Know How To Negotiate With Potential Buyers Offers/Contract
  6. FSBOs Don’t Know How To Handle The Home Inspection Findings
  7. FSBOs Aren’t Willing To (Or Able To) Pay A Commission To A Buyers Agent
  8. FSBOs Home Is Lacking Exposure
  9. The FSBO Incorrectly Prices Their Home
  10. FSBOs Don’t Know How To Ensure The Deal Actually Closes


I can get your House the Exposure it needs, and get you the Price you WANT!!

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Even on a supertight budget, a revamped kitchen is within reach—it's all about organization. Just remember the big picture


1. Purge unnecessary kitchen items and then clear the countertops.

2. Be mindful of clashing finishes
 
3. Keep like with like.
 
4. Maximize your space.
 
5. Anything looks better when it's organized.
 
6. Take a stand on stacks.
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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.