The HOAX Of The Appraisal

Appraisal Hoax - Chels on the Lake
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Transcript:

Hey it’s Chels here with Lake Norman Mike & Co. If you’ve been keeping up at all with this insane real estate market, you’ve probably heard a few words quite frequently: “MULTIPLE OFFERS”, OH! and “APPRAISAL ADDENDUM.” 

So what does this mean for you as the seller, exactly? 

With multiple offers being the common scenario lately, there is one part that is particularly intriguing, and that’s the hoax of the appraisal. Anyone can say, “I’ll pay $50,000 over asking price, NO PROBLEM” to win in a multiple offer situation. BUT – what does that mean to you, as the seller? Are you sure that if the buyer is getting a loan, that they’ll cover the difference if the property doesn’t appraise at $50,000 over ask price? 

I’ll back up here and explain – a lender will not lend a buyer a mortgage for a property above what it appraises for. Therefore, if you, as a seller, are under contract on a property that’s listed at $1,000,000… the buyer says they’ll pay $1,050,000… yet it appraises at $1,000,000….who’s covering the difference here? If you didn’t get an appraisal addendum, signed by the buyer, stating they’ll STILL pay up to contract price if the home doesn’t appraise, you could have a buyer that walks on to the next one, and your house could be back on the market again.  

Mike and I want to keep the HOAX out of your deals. Let us help you recognize what is the real deal in a multiple offer situation, versus what’s not, and get you to the closing table, with a solid sale price! 

We’ll see you on the lake!! 

Appraisal Hoax - Chels on the Lake

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About Mike Toste

Owner / Broker / REALTOR® Mike Toste “Lake Norman Mike” brings more than 24 years of marketing, sales and negotiating experience to the sale of your home or to the purchase of your new home…READ MORE.
Call or Text 704-584-9781
19901 W Catawba Ave #104
Cornelius, NC 28031

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Driving Directions

Lake Norman Mike :: Lake Norman Real Estate Agent is located on 19901 W Catawba Ave #104 Cornelius.

From Charlotte Douglas International Airport (CLT) head south on Josh Birmingham Pkwy and keep right to continue on Old Dowd Rd.

Then at the traffic circle, take the 1st exit and stay on Old Dowd Rd and turn right onto Marshall Dr. Next, turn left at the 1st cross street onto US-29 S/US-74 W/Wilkinson Blvd and turn left onto the ramp to Interstate 485 Inner N/Spartanburg.

After that use the middle lane to keep left at the fork and follow signs for I-85 S S/Gastonia/Spartanburg/I-485 N Inner N/Statesville.

At this point keep right at the fork, follow signs for Interstate 485 Inner N/Statesville and merge onto I-485 Inner.

Merge onto I-485 Inner and head straight for 11 miles. Then use the right 2 lanes to take exit 23A-B toward Statesville and merge onto I-77 N. Next, take exit 28 to merge onto US-21 S/Catawba Ave and merge onto US-21 S/Catawba Ave.

Finally, turn right onto Knox Rd and turn left onto Nautique Blvd. Turn left onto Knox Road Extension and Lake Norman Mike :: Lake Norman Real Estate Agent will be on your left.

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