Mailbag: What If the Appraisal Doesn’t Match the Purchase Price?

We take four questions from the mailbag to hear what Angie has to say about everything from appraisals to when’s the best time to sell your home.

What happens if the home doesn’t appraise as high as the offer? In a competitive market, this question is coming up a lot. Angie answers this and three other questions from the mailbag today.

Tiffany in Raleigh wants to buy a property that includes a business downstairs and a living area upstairs. Are they able to use the space however they see fit? What happens if they change their minds later? Make sure it is zoned properly for the correct usage. Speak with a planning board when trying to rezone it.

Art in Holly Springs saw an article claiming the top five dates to sell a home are all in May. Should he wait until next May to get the most market value out of their home? Angie says that is often a peak time to sell a home, but it shouldn’t steer prices too much. Most likely, you’ll want to sell your house now as the market continues to improve. Waiting almost a year is a risk that might not pay off. 

Smith in Chapel Hill wants to know what the relationship is between the realtor and the appraiser. An appraiser is supposed to be an unbiased third-party who is not supposed to be connected to the buyer or seller, including their realtors. The appraisal gives

Devon in Fuquay-Varina wants to know how to be prepared if the appraisal does not match the purchase price. In today’s market, this is very common, especially with multiple offers. To be competitive, the buyers may offer above list price and may have to make up the difference.

Listen to the entire episode or click on the timestamps below to skip ahead.

0:38 - Mailbag: Can we live in the upstairs of a business property?

1:59 - Are there many mixed-use properties for both business and personal home space?

4:40 - Mailbag: Should I wait until May to sell my home?

7:23 - Mailbag: What is the relationship between the appraiser and the realtor?

8:53 - Mailbag: What if the appraisal doesn’t match the purchase price?

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The Host:

Angie Cole - Contact - Call: 919-538-6477

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