No Appraisal? Here’s how

So we all know that we are in a pretty competitive market currently. Homes are selling for above asking price and have some crazy additions to the contract. Something that I have seen a lot lately, is an appraisal waiver. An appraisal waiver, means that the buyer is waiving the appraisal, regardless of where it comes in at. For this example lets use the following numbers. If you offer $210,000 for a home, and it appraises at $200,000, that means we have a $10,000 “appraisal gap” that needs to be figured out. In our current market NORMALLY (not always) a buyer is bridging or covering that appraisal gap and bringing the extra funds to closing.

One of the issues I have been running into lately with my clients, is appraisal issues. My clients, would put an offer in on a home, but not being able to cover the appraisal gap. Why is this bad in the eyes of a seller? Well, the seller knows that if the property does not appraise for the offer price, they most likely will have to come down in value OR put the home back on the market and start all over.

Both are a pain in the ass.

So how can we get around this? I was having a great conversation with my lender Chris Daub the other day at an open house. He was telling me how there is a way to get around an appraisal in some instances… I was intrigued. So I asked him to do a video with me discussing this more in depth. Click on the button below to be linked to my youtube page.

Appraisal waivers could happen with 20% or more down Conventionally. At Geneva we can find out if this is possible BEFORE going under contract.

Chris also has another trick up his sleeve that can get you closed in as little as 10-15 days… Ask me for more info!

If you have any questions or want more information contact me today by calling/text/email or schedule a free consultation below. Like I always say, my goal is to educate you in order to make the best decision for yourself.