Mary-Lou McDonough, Barrett Sotheby's International RealtyPhone: (617) 947-9279
Email: [email protected]
Email: [email protected]
Once a home seller has accepted an offer to purchase their property, the end of the home selling journey may feel close.
However, the mortgage lender of the homebuyer may appraise the property for a lower amount than the purchase price. If this happens, it’s vital to examine the terms of the appraisal contingency in the purchase contract.
Contingencies are put in place to protect both buyers and sellers in real estate exchanges. An appraisal contingency is very common to find on the buyer’s side of the purchase agreement. It protects homebuyers if their lender's appraisal comes back lower than the amount needed to purchase the home.
Dropping an appraisal contingency clause can be very beneficial to home sellers, as it increases the chances of the purchase decision going through.
This option can be tricky for homebuyers as it leaves them unprotected if the appraisal comes back lower than expected, but may make their offer more appealing in a competitive seller’s market.
If the appraised value of a home is less than the listing price, the seller has the option to back out of the deal if they feel they would end up losing money.
The seller doesn’t have to lower the price, however, if the homebuyer has an appraisal gap guarantee, they have agreed to cover the balance with their own funding if the appraisal comes back low.
Working with your real estate agent, home buyers and seller’s can create and examine the appraisal contingency to make sure it’s best fitting their home selling and buying standards.
With strong connections to her community, Mary-Lou has held fund-raising events for The National Multiple Sclerosis Society, The Kids in Need Foundation and Dress for Success. This sense of personal responsibility extends to her professional life, and she continuously strives to exceed her clients’ expectations, empowering them throughout selling or buying process. "Only a well-informed client is prepared to make the best decisions on their own behalf, so the role of Market Expert is one I take very seriously.” It is this sense of personal accountability that drives Mary-Lou; keeping her focused on her clients and providing them with highest level of professionalism, solution-focused service, and sound guidance from start to SOLD!
Mary-Lou McDonough is Professionally Affiliated with The MASSACHUSETTS ASSOCIATION OF REALTORS® The GREATER BOSTON REAL ESTATE BOARD, THE NATIONAL ASSOCIATION OF REALTORS®, The Women’s Council of REALTORS®, The State and National Association of Certified Residential Specialists and The REALTORS® Political Action Committee
Whether you're in the research phase at the beginning of your real estate search or you know exactly what you're looking for, you'll benefit from having a real estate professional by your side. I'd be honored to put my real estate experience to work for you.
