Blog Buyer Let’s talk appraisals - Portland Oregon Real Estate

Let’s talk appraisals – Portland Oregon Real Estate

By Lily Ray Wyss, May 18, 2022

If you would rather watch instead of read you can head over to our Youtube Channel: Click HERE

In a hot real estate market like we have right now, it’s normal for buyers to have to offer significantly over the list price in order to secure a home and get their offer accepted.

While this has become a norm it can cause issues when it comes to appraisal.

The appraiser is a third party who comes in during the transaction to evaluate if the home is indeed worth the price you are offering.

That way if you default on your loan, aka stop paying, the entity lending you the money can claim the property and recoup the money they lent you (remember the disaster that was 2008?).

While most appraisers have caught up to the market and understand that offering at a price significantly above asking can be necessary, sometimes there are cases where the appraiser reports the home to be worth less than what you offered.

When this happens there are a few things you can do:

Bring forward evidence as to why the property is worth what you offered and request the appraiser adjust the price.

Bring the cash forward yourself to make up the difference.

Restructure your loan/downpayment with your loan officer.

Or negotiate with the seller to bring down the purchase price to the appraised value.

Or a combo of all four!

Low appraisals are just another factor in this tough market. The way to avoid the situation or get through them seamlessly is to hire an experienced realtor and loan officer.

If you are in the Portland Metro area we are here and we have your back!

Lily Ray Wyss

Broker | OR

She/Her

Read More
  • T: 971-361-6114
  • lily@lilyrayres.com

You might also enjoy

JUST SOLD! PEARL DISTRICT PERFECTION!

Ross Seligman

We are so happy to announce our sellers at the prized Metropolitan building downtown has sold...

A Case for Keeping Your Crawl Space Vents Open

Robin Hakeman

It’s that time of year in Oregon when the weather is colder and many people worry...

Cost comparison: the long-term financial implications of higher interest rates

Jessica LeDoux

Is investing in a home now financially favorable? Recently one of our favorite lenders, Steph Noble,...

Just Listed! Sweet 1940’s Ranchalow in Rose City/Hollywood

Jennifer O'Brien

6026 NE Multnomah Street Portland, Oregon, 97213 Inside, you’ll find a cozy wood-burning fireplace, beautiful hardwood...