Appraisals are a touchy subject for many real estate professionals and there’s no question there have been more complaints about appraisals coming in too low during the years since the housing crisis. Your contract and your Realtor can guide you to decide how to handle a low appraisal. The DiMora Team are real estate experts in the Novi and Northville neighborhoods and we know that if your contract has an appraisal contingency, you can cancel your offer and have your deposit returned. But, if you still want to buy the home and believe the amount you offered is reasonable, you may want to come up with more cash for a bigger down payment and accept the smaller mortgage your lender offers. Also, if you strongly believe the appraiser has made a mistake in estimating the home’s value, you can pay for a second appraisal. However, there’s no guarantee that the second appraisal will be any higher. Check out below to see the active listings in Maybury Park Estates in July 2015:
20751 Richmond Drive, Novi: 5 bedrooms, 3.1 bathrooms, 3,660 sq. feet, 3 car garage, Listed Price: $794,900
Maybury Park Estates Active Listing
July 2015
21322 Equestrian Trail, Novi: 4 bedrooms, 3.2 bathrooms, 6,479 total sq. feet, 3 car garage, Listed Price: $1,350,000
Maybury Park Estates Active Listing
July 2015
Before you commit to buying a house for more than its appraised value, consult with your Realtor and think carefully about the risk you incur by purchasing a property with less equity than expected. For more information on Maybury Park Estates, or similar Northville or Novi neighborhoods such as Woods of Edenderry, Fox Hollow and Bellagio, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.