Enthusiasm working for you
Helping people make one of their most important decisions is a serious responsibility, but something that I enjoy doing. This enthusiasm and hard work will benefit you and help reduce the stress and anxiety often associated with real estate transactions.

Established Credibility
I have many years of experience and knowledge working in this industry. I can say with confidence that I'll get the job done right.

Mohave County Land for sale.Full Time Kingman Arizona Real Estate Sales, Lake Havasu Real Estate Sales, Golden Valley Land Sales, Commercial Property Sales, Ranch Land Sales, Commercial and Residential Investment Land Services, Industrial Property Specialist, White Hill Land Sales, Yucca Land Sales, Real Estate sold by Tim Nutt, Tim Nutt Your Kingman Arizona Real Estate Professional.

LAKE HAVASU CITY ARIZONA HOME FORECLOSURE LIST

If you looking to buy your next home and it is a foreclosure, be sure to use your Realtor to protect you and help you through the process, it can be a confusing and frustrating time if you are not familiar with the steps that need to be taken. "To make the process much quicker call me your local Realtor to find out how you can be prepared to make an offer".

Low Appraisals - How to Deal With a Low Appraisal

In seller's markets, multiple offer situations often drive up the purchase price higher than any comparable sales in the area, so sellers worry the appraisals will come in low. In buyer's markets, when prices are soft or falling, sellers are also concerned that the home will bring a low appraisal. Low appraisals can happen in any marketplace: hot, cold or neutral.

Why Do Low Appraisals Happen?

There are a number of reasons why appraisals come in low. Here are a few:

• Artificially inflated prices resulting from multiple offers.

   

• Declining market values due to fewer buyers shopping among a larger inventory of homes.

   

• Fallout from an abundance of foreclosure or short sales in the neighborhood, especially when no other comparable sales exist.

   

• Incorrect evaluation by the underwriter.

   

• Overpricing by the seller.

   

• Inexperienced appraiser who doesn't understand influences on value.

   

• Appraiser overlooked pending sale data, which could reflect higher comparable sales when closed, or the appraiser selected comparable sales from the wrong neighborhoods.

   

• Buyer receives cash back from the seller, causing lender to believe the price has been inflated.

One factor that does not come into play is whether the lender wants to make the loan. Lenders want to lend money, and lenders are prohibited from redlining.

Solutions for Low Appraisals

Don't panic if the appraisal comes in low. It's tough to remain calm when it appears the pending sale will fall apart, but both parties have options:

• Buyer can make up the difference in cash.

  The lender cares about the appraisal only to the extent it affects the loan-to-value ratio. A low appraisal does not mean the lender won't lend. It means the lender will make a loan based on the ratio agreed to in the contract at the appraised value.

   

• The seller can lower the price.

  If the home was overpriced or the value was inflated, often this is the best solution. It makes the buyer happy and the lender is satisfied. There is no guarantee that if the buyer walks away, the seller won't receive a low appraisal from the second buyer's lender, not to mention the time and trouble it takes to sell the property again. Sometimes a bird in the hand is best.

   

• The seller can offer to carry a second mortgage for the difference.

  If the buyer really wants the home but cannot come up with the difference in cash, making payments or a lump sum payment at a later date to the seller is an option. After the escrow closes, sellers often retain the right to discount the second mortgage, sell it for less than face value to an investor.

   

• Order a second appraisal.

  First, ask the lender for a list of approved appraisers. Either the seller or the buyer can pay for the second appraisal. Sometimes the second appraisal will come in higher than the first, especially if the first appraiser was inexperienced or made mistakes.

   

• Supply a list of comparable sales.

  Ask the agents involved to put together a list of recent comparable sales that justify the agreed-to sales price. Submit that list to the underwriter and ask for a review of the appraisal. Also, ask the agents to call the listing agents of pending sales to try to find out the actual sales price of those properties. Listing agents do not have to disclose the sales price, but many are happy to help out because they could find themselves in the same situation.

• Cancel the transaction.

  Many purchase contracts contain a loan contingency. If the appraisal comes in low, the buyer does not qualify to buy the property at the agreed-to terms in the contract. A properly written loan contingency allows the buyer to cancel the contract and requires the seller to release the buyer's earnest money deposit.

8 REO Tips for Buying Foreclosures       Three Basic Foreclosure Types  

How to Buy Bank Owned Foreclosures       How to Deal with a Low Appraisal 

Finding Foreclosures and Goverment-Seized Homes                                                                              
Home Inspection Checklist  

Writing Purchase Offer's in a Buyer's Market       The Advantages of Loan Preapproval

Hiring a Buyer's Agent      Lake Havasu Home Foreclosures 

If you own Property in Mohave County and need to sell quickly, Click here

LAKE HAVASU CITY ARIZONA HOME FORECLOSURE LIST 

Here is the latest list of foreclosures in the Lake Havasu Arizona Market, If you have any interest please contact me for more information our to set up an appointment. If you looking to buy your next home and it is a foreclosure, be sure to use your Realtor to protect you and help you through the process, it can be a confusing and frustrating time if you are not familiar with the steps that need to be taken. "To make the process much quicker call me your local Realtor to find out how you can be prepared to make an offer".
                                       

Kingman Arizona Real Estate - Lake Havasu City Real Estate - Kingman Arizona Properties - Kingman Arizona Commercial Real Estate - Kingman Arizona Ranch Land- Kingman Arizona investment properties - Golden Valley Arizona Real Estate - Kingman Az Industrial property - Yucca Arizona property - White Hills property - Mohave County Real Estate - Tim Nutt