The 'Appraisal Gap' Risk: How Willowbrook & Burr Ridge Sellers Can Defend Their Sale Price
The 'Appraisal Gap' Risk: How Willowbrook & Burr Ridge Sellers Can Defend Their Sale Price
In today's shifting real estate market, receiving a high offer is only half the battle. The bigger challenge? Getting the bank to agree.
Mike Berg, a local Broker with Berg Properties and a former Certified Residential Appraiser (14 years), reports a rising trend in the Western Suburbs:
The Appraisal Gap.
"We are seeing aggressive offers from buyers, but when the bank's appraiser visits, they are restricted to looking at historical data," says Berg. "If an appraisal gap waiver can't be negotiated into your deal and the appraiser cannot justify that contract price with hard data, the deal can fall apart, or the seller is forced to drop their price by tens of thousands of dollars."
The Solution: 'Defensive Valuation' Unlike traditional agents who simply open the door for the appraiser, Berg utilizes a "Defensive Valuation Strategy" for his listing clients in Willowbrook/Burr Ridge and nearby suburbs.
Pre-Listing Audit: Identifying potential appraisal hurdles before the sign goes in the yard.
The 'Appraiser's Package': Berg provides the bank's appraiser with a technical data packet—similar to what he created during his 14 years in the industry—justifying the premium price with adjustments for upgrades, view, and condition that algorithms miss.
"You need an agent who speaks the appraiser's language," Berg adds. "That is the difference between a 'Sold' sign and a 'Back on Market' notification."
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Additional Info
Media Contact : Mike Berg | (773) 544-9785 | mberg@team-berg.com
Related Links : https://www.mikebergrealtor.com
Source : Berg Properties
