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

Let’s talk RESOURCES!

Jessica Ward

Let’s talk RESOURCES! Being a self proclaimed “Resource Queen” is one of the many badges I...

The 10 Best — and Cheapest — Cities for LGBTQ Homebuyers in 2022

Ali Livolsi

Portland, OR Median home list price: $550,000 “Portland has a huge queer population, so it isn’t...

JUST LISTED: Corner Unit Across From Greenspace In Beaverton

Jason & Kristin Anderson

2476 NW Crosswater Terrace, Beaverton OR 97006  Offered at $425,000 2 Bed 2.5 Bath Beaverton, OR...

BUILD SMALL, LIVE LARGE

Aryne + Dulcinea

Portland’s Accessory Dwelling Unit Tour is this weekend! Saturday, June 25th, 2022, 10am-4pm Attendees take a...