Many stumbling blocks may appear when purchasing or selling a home. Of course, this is why you should obtain legal counsel from an experienced firm such as Misiano Law to protect your best interests in these matters. Today we’ll discuss home appraisals and reflect on a recent story of a client-seller that accepted a bid on her home.
After an initial bid, the purchaser requested that the seller raise the price of the home and give the purchaser back a credit that he could use for his closing costs. “I advised the seller that the raising of the price of the home could potentially kill the sale if the lender’s appraisal does not evaluate the home at the raised price,” said James F. Misiano of Misiano Law in Hauppauge.
In a case like this, it is important to consider the seller may lose valuable time removing the home from the marketplace to accommodate a buyer that essentially does not have the funds to close on the home.
“So, here’s the solution,” said Misiano. “I told the seller to keep the home on the market and have the potential purchaser pay his bank for an appraisal. If the appraisal values the home at the increased value, then we can enter into contract. If not, a new solution must be arrived at or nix this purchaser.”
James F. Misiano, P.C. has been representing home buyers and sellers for 38 years. He owned and managed a Title Abstract company for 12 years and is expertly familiar with title insurance issues – and with the solutions. If you are buying or selling a home, call Misiano Law today for a free consultation.