What is an Appraisal Contingency?

Подписаться 57 тыс.

Просмотров 14 тыс.

50% 1

What is an appraisal contingency in real estate? What do you do when your house is undervalued? Robert Rico defines an appraisal contingency and what this might mean for real estate agents.
✅ 🎓💯Make studying for the real estate exam EASY: bit.ly/46L59T9
An appraisal contingency means the home buyer has the right to cancel the transaction if the house value is beneath the asking price. This protects the buyer from purchasing a house with an inflated price.
However, what happens when the appraiser undervalues the house? How does your buyer respond? More importantly, how do YOU, the agent, respond?
Robert Rico shows you what to do to go the extra mile for your client.
Chapters:
00:00 - Introduction
01:12 - What is an Appraisal Contingency?
02:25 - What is an Appraisal Report?
03:30 - What to do when the house is undervalued
06:19 - Final Thoughts on the Appraisal Report
#appraisalcontigency #appraisal #realestateterminology
==============================
GET YOUR REAL ESTATE LICENSE. ENROLL IN OUR REAL ESTATE SCHOOL!
How to enroll:
Website: www.carealtytraining.com/
Talk to a student advisor: 888-317-8740
==============================
FOLLOW US ON SOCIAL MEDIA:
• Facebook: / larealtytraining
• Twitter: / carealtytrain
• Instagram: / carealtytraining
• LinkedIn: / ca-realty-training
==============================
Like and subscribe (and hit the bell icon!) that's the best way to get notified when we release new helpful videos like the one you just watched.
Doing so helps our channel grow so we can continue producing great content to help you take your real estate career to a new level. It also helps other people interested in real estate find our channel so they can learn more about the world of real estate like just like you are.
Thanks for watching-we'll see you on the next video!

Опубликовано:

14 июл 2024

Ссылка:

Скачать:

Готовим ссылку...

Добавить в:

Мой плейлист

Посмотреть позже

Комментарии : 76

@USRealtyTraining Год назад

✅ 🎓💯Make studying for the real estate exam EASY: bit.ly/46L59T9

@camodude51 3 года назад

how does this video not have a million views...

@USRealtyTraining 3 года назад

I don't know either! One day it will. Thanks for watching and leaving a comment!

@Soso0408 3 года назад

Yaaaaay!!!! I have been waiting for this video!! Thank you so much!!!!🎉🙏

@USRealtyTraining 3 года назад

You are so welcome!

@sungchoe3849 3 года назад

This was GREAT!! Perfectly answered my concern, clearly and concisely!

@USRealtyTraining 3 года назад

I'm so glad! Thanks for watching the video and leaving the kind feedback. It's much appreciated! Are you enrolled in the program by chance?

@82thiagogabriel 3 года назад

Thank you very much. Very clear your explanation .

@USRealtyTraining 3 года назад

Thanks for watching! I'm glad you were able to get a lot of information from this video. Also, thanks for being a subscriber!

@_jandjdesigns 3 года назад

Thank you for the info! I am taking my MLO NMLS exam next week for Delaware and your videos have been helpful to further understand the real estate side as well! 😊

@USRealtyTraining 3 года назад

Wow! Congrats! I'm so happy this video was able to help you out! Keep us updated on how you do on your exam!

@grimferroudja9164 3 года назад

Waaaw!!! Thanks a lot for those awesome videos that helped me a lot to understand RE

@USRealtyTraining 3 года назад

I'm so happy to hear that! Thank you so much for watching, Yuva! Glad you were able to find the channel. Hope you were able to subscribe and hit the bell icon!

@aprilbrownjohnsonrealtor4249 2 года назад

Thank you so much for the information. Your explanation will help me explain appraisal contingencies to my clients!

@USRealtyTraining 2 года назад

Glad it was helpful and that you can use it for your business. Thanks for watching, April!

@moumia7845 2 года назад

very good

@USRealtyTraining 2 года назад

Thanks for watching! Glad you enjoyed the video.

@vanesabenitezrealtor 2 года назад

I love this video!!!! Thank you so much

@USRealtyTraining 2 года назад

You are so welcome! Thank you for watching.

@blackfistnyc718 3 года назад

Thank you.. im getting my license now.. and your videos help so much

@USRealtyTraining 3 года назад

Best of luck! I'm glad these videos help you out along the way. Are you getting your license for CA?

@ruthskerrett-santana643 3 года назад

Thank You. It helped a lot

@USRealtyTraining 3 года назад

Glad it helped! Thanks for watching, Ruth! Hope to hear from you again.

@yenicasanova6166 2 года назад

Thanks so much for the explanation 🤓

@USRealtyTraining 2 года назад

Of course! I'm happy I helped. Thanks for watching and liking the video!

@Soso0408 4 года назад

Good morning Thank you so much for all your great videos! I just want to let you know I passed my New Jersey Salesperson Exam🎉🎊 Thank you for your help

@USRealtyTraining 4 года назад

WOOHOO! Congratulations, Sarah! That's a BIG achievement. We're wishing you all the best in your future real estate career-stay in touch!

@cj7006 3 года назад

Awesome! This helped a lot

@USRealtyTraining 3 года назад

Woohoo! It's great to hear from you CJ!

@vanessaanddongritton4335 3 года назад

I’ve been watching your videos. It is excellent 😉

@USRealtyTraining 3 года назад

Glad you like them! It's great that you're so into the content. Thanks for watching and being a sub!

@raymundocardonakwsf5478 4 года назад

Great information! Great video!

@USRealtyTraining 4 года назад

Thanks for watching, Raymundo! Glad you liked it! If you have a moment, please give this video a like, subscribe to the channel, and hit the bell icon! That's the best way to get notified when we release a new video. It also helps our channel grow so we can continue to produce helpful videos like this one. Thanks for watching and we hope to hear from you again!

@camodude51 3 года назад

great video please make more !!!

@USRealtyTraining 3 года назад

You got it! We have a great video that's being released at 3 PM (PST) today. You should check it out when it drops because I would love to hear your thoughts on it. Also, you won't miss our newest content if you subscribe to our channel and hit the bell icon. Doing so will notify you when we release new videos and it helps support our channel so we can continue making more great content like this video. Thanks for watching and I hope to hear from you again!

@patrickdgarez86 10 месяцев назад

Killer content as always. Thank you, sir.

@USRealtyTraining 10 месяцев назад

You got it! Thanks for watching.

@josueespinosa2120 3 года назад

Very good explanation.

@USRealtyTraining 3 года назад

We're glad you liked it, JD! If you have a moment, please support this channel by liking this video, subscribing to the channel, and hitting the bell icon. Doing so helps our channel grow and it helps you get notified when we release a new helpful video. Thanks for watching and we hope to hear from you again!

@MsNoriega310 3 года назад

Such a Great video! Thank you so much for the valuable information.

@USRealtyTraining 3 года назад

Thank YOU for watching, Patricia! We're very happy you liked the video!

@MsNoriega310 3 года назад

@@USRealtyTraining I got some exciting news, I received an email informing me that I am qualified to take the salesperson exam 😁OMG !!! BEST NEWS EVER !!! SO I am studying studying and more studying 🎉🎊 Your videos have been extremely helpful!!! THANK YOU

@USRealtyTraining 3 года назад

@Patricia Noriega CONGRATULATIONS, PATRICIA!!! This is so exciting!! 🎉🎊So happy for you! Everyone here is wishing you all the best of luck on the state exam. Keep us up to date on your progress and how you do on the state exam! 😁

@MsNoriega310 3 года назад

@@USRealtyTraining THANK YOU 🎊🎉🎊🎉🎊🎉🎊 I'm So excited...I had to keep reading my email over and over again, such a great feeling to have. I am enjoying this whole process and taking it one day at a time and remaining focused and determined. Again , Thank you so much , your message means the world to me,what an amazing support team. I will keep you posted with my exam date. Until then have a wonderful day 🙏🎉🎊🎉🎊🎉🎊🎉🎊

@arod006 2 года назад

Nice job....super informative

@USRealtyTraining 2 года назад

Glad it was helpful! Thanks again for watching, Cris.

@camodude51 3 года назад

u r amazing man

@USRealtyTraining 3 года назад

I appreciate that! YOU'RE amazing for watching this video and dropping a comment. I'm really glad you liked the video.

@jorgezamudio8161 7 месяцев назад

😎💯

@USRealtyTraining 7 месяцев назад

Thanks for watching.

@MariaGreenREALTOR Год назад

👍

@USRealtyTraining Год назад

😁

@carsonbennettable 4 года назад

Thanks so much! How much of the information learned in real estate school do you actually use on a daily basis?

@USRealtyTraining 4 года назад

Great question and an interesting one! The curriculum you get from enrolling in real estate school is vast and thorough. You learn a lot. You won't use every single concept or practice every day but, if you fully perform every aspect of your career, you will encounter what you learned in school. Real estate school gives you a vernacular for your career. So, when you do encounter a term, practice, or other concept in the job, you will know what it is. Admittedly, some things you will use more often than not. But, the wide breath of knowledge you get from real estate school gives you a greater sense of professionalism and confidence. In fact, we have a supplemental training program at our school that pairs students with RE trainers because we asked your same question. Our trainers show students what to expect, how to apply information in a real world setting, and the common practices you will perform from day-to-day. Essentially, they show you what information has the greatest impact in your career. We have this training to give you that extra training to prep them for their career. Hope this answers your question and if you have any more, please let me know. Also, thanks for watching this video! We appreciate your viewership!

@jcberb Год назад

Isn't there a fourth option...buyer walks away keeping earnest

@BLUEBASKETBALL22 3 года назад

I love you bro

@USRealtyTraining 3 года назад

I love this comment! Thanks watching!

@pilot180tp 3 года назад

Great vid but I have a question.. what happens if the appraisal comes in higher than what the seller expected? Is the seller allowed to raise the price or does it have to stay the same per the contract?

@USRealtyTraining 3 года назад

Good question! If the seller chooses to raise the price, they will have to negotiate this new price with the buyer. When they do this, it could turn the buyer off from the transaction altogether.

@grumpyschnauzer 8 месяцев назад

What happens if our appraiser keeps appraising properties we are putting offers on just a smidge $1000 over asking but Zestimate and other real estate appraisal estimators are evaluating it for $20-$30k lower than asking… should I be suspicious of some shady appraising going on? I know Zestimate and other sources aren’t always correct but market is showing similar condos in the building sitting for $200k more and not selling indicating overprice. Our condo is old and dated and although $200k less can still be overpriced.

@USRealtyTraining 8 месяцев назад

Hard to say since I'm not in that position. Historically, online appraisal estimate tools like Zestimates do not accurately appraise properties. The appraisal process is intricate and detailed and it's just not possible for an online tool to do it to the level of accuracy that a professional human can. I will say that if you don't think your appraiser is doing a good job, you can always get a second opinion by hiring a different one. Hope this helps and good luck!

@the07vlog86 2 года назад

Great video! So what are the consequences once the buyers offer is accepted and they can't make up the difference? Can they lose their check deposit? Or what will the consequences be?

@USRealtyTraining 2 года назад

The buyer can lose the earnest money deposit. The EMD is the buyer's commitment to the seller to let them know they are serious about the house. But would a buyer make an offer that they can't afford?

@the07vlog86 2 года назад

@@USRealtyTraining ahhh ok I understand and its 100% we can lose the edm or it can be negotiable?...And yes you're right never go over budget, California right now is on fire with offers and going over asking price by a lot!!

@USRealtyTraining 2 года назад

@@the07vlog86 Maybe weigh what your options are with an agent. Perhaps you could also negotiate with your loan provider to see if you're able to borrow more money to finance the house. You still have options.

@funnyshortsXL 3 года назад

Sir! you need to do commercial's, voice acting ,or something along those lines. Read a book, record and sell it.

@USRealtyTraining 3 года назад

That's not a bad idea! Maybe I might publish a book here sometime in the future. Thanks for the tip! Also, glad you found the channel. A big welcome to you!

@Soso0408 3 года назад

I have a question please! When can a buyer walk away from a deal and not lose their deposit? My buyer is buying a 600K house My firm doesn't take first deposit So her second deposit is 10K She is worried if anything happens It might cost her to lose her deposit

@paolop8093 3 года назад

depends on the contract, usually within the inspection period the buyer can walk away without losing their deposit. After that she can only walk away without losing the deposit only if the bank denies the loan.

@Soso0408 3 года назад

@@paolop8093 ooh okay! Thank you!

@Aaron-ii5tx 4 года назад

Can you come in below the appraised value

@USRealtyTraining 4 года назад

Hi, Aaron. Thanks for asking this question. Would you mind elaborating on this so we can better answer it? Thanks!

@Aaron-ii5tx 4 года назад

CA Realty Training. I guess I’m asking if the house appraised at 900,000 but you as the buyer feel it’s worth 800,000. Can you put that offer on the table. Since the apprised value is what the house is worth but maybe not to you.

@USRealtyTraining 4 года назад

@@Aaron-ii5tx A buyer can make any offer that they deem reasonable to them. It can be higher or lower than the appraised value. Again, it is typically based on the motivation of the buyer. Don't forget to subscribe!