London Foster Realty at Dadeland
Liz Kenneally | Realtor

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Buying or selling a home in Miami-Dade can be both exciting and challenging. One key step that often plays a critical role in your real estate journey is the home appraisal. But what exactly is an appraisal, and what can you do if it comes in lower than the purchase price? More importantly, why is having a realtor by your side crucial during this process? 

What is a Home Appraisal?

A home appraisal is an unbiased estimate of a property’s value, conducted by a licensed appraiser. This process helps lenders determine how much they can safely lend to a buyer, ensuring the loan doesn’t exceed the home's worth.

The appraiser assesses various factors, such as the home’s condition, location, size, and recent sales of similar properties in the area. For buyers, an appraisal is a vital tool to ensure they’re not overpaying for a home.

What Happens When the Appraisal is Lower Than the Purchase Price?

In competitive markets in Miami-Dade, especially in sought-after areas like Kendall, it’s not uncommon for the purchase price to exceed the appraised value. When this happens, it can create a significant hurdle.

However, there are several options you can explore:

1. Renegotiate the Price: You can ask the seller to lower the price to match the appraised value, since lenders typically won’t finance more than the home is worth.
2. Cover the Difference: If the seller isn’t willing to reduce the price, you might consider paying the difference out of pocket to proceed with the purchase.
3. Challenge the Appraisal: If you believe the appraisal is inaccurate, you can request a reconsideration of value, providing additional evidence or comparable sales to support your case.
4. Walk Away: If your contract includes an appraisal contingency, you can cancel the deal without penalty if the appraisal comes in low.

Why Having a Realtor is Essential

Navigating a low appraisal situation can be complex, and this is where a realtor’s expertise becomes invaluable. Here’s why:

1. Expert Negotiation: A realtor has the skills to negotiate effectively with the seller, whether it’s convincing them to lower the price or finding alternative solutions to keep the deal alive.
2. Local Market Knowledge: A realtor with deep knowledge of the Miami and Kendall areas can provide insights into why the appraisal may have come in low and advise you on the best course of action.
3. Access to Resources: Realtors have connections with lenders, appraisers, and other professionals who can help if you need to challenge an appraisal or explore financing options.
4. Peace of Mind: A realtor handles the details and complexities, allowing you to focus on making the right decisions for your future home.

Why Even Cash Buyers Should Get an Appraisal

If you’re paying cash for a home, you might think an appraisal isn’t necessary. While it’s true that an appraisal isn’t mandatory in a cash transaction, I strongly recommend getting one anyway. An appraisal provides a solid, unbiased opinion of the home’s value, ensuring you’re making a smart investment and not overpaying. It’s a simple step that can protect your financial interests in the long run.

In summary, a low appraisal doesn’t have to derail your home purchase. With the right approach and a knowledgeable Realtor by your side, you can navigate this challenge successfully. We’re here to support you every step of the way, ensuring your home buying experience is smooth, informed, and ultimately successful.

Remember, the real estate process can be complex, but with an experienced realtor on your team, you’re well-equipped to make the best decisions for your future. And whether you’re financing or paying cash, getting an appraisal is always a smart move to protect your investment.

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What my clients are saying  

Efficient, Effective, and Ethical! Working with Liz Kenneally was an absolute pleasure. Her efficient and effective approach to real estate made the entire process seamless and stress-free. From the moment we met Liz, we knew we were in good hands. She took the time to listen to our needs and preferences, ensuring that we found the perfect home in South Miami. Liz's commitment to ethical practices and transparency gave us peace of mind throughout the transaction. We highly recommend Liz to anyone looking for a trustworthy and reliable realtor in Miami.

 

~ Michael and Jennifer D.

I hired Liz Kenneally to lease out my apartment, and within just 1-2 weeks, she secured long-term tenants who have been a great to work with for the past three years. Her efficiency, professionalism, and warm demeanor made the entire process seamless. Liz understood my needs and executed flawlessly. I couldn't be happier with the outcome. I wholeheartedly recommend Liz!

 

~ Sofia I.

Finding office space for my company was made effortless thanks to Liz Kenneally's exceptional service. Referred to her by a trusted source, I quickly understood why she comes highly recommended. Liz guided us through every step with professionalism and expertise, ensuring we secured the perfect space to meet our needs. The office space exceeded my expectations, boasting a prime location, generous square footage, and excellent amenities. Liz's attention to detail facilitated a seamless transition into our new workspace. Her responsiveness and proactive communication made the leasing process a breeze. Working with Liz Kenneally was a pleasure, and I wholeheartedly recommend her to anyone in search of commercial real estate. Five stars all around!

 

~ Paul M.

Professionalism Personified! Liz Kenneally is the epitome of professionalism. Her attention to detail, proactive communication, and tireless work ethic set her apart from other realtors. Liz guided us through the process of buying our dream home in Coral Gables with ease and confidence. She was always one step ahead, anticipating our needs and addressing any issues promptly. Liz's commitment to excellence and integrity made us feel confident and reassured throughout the entire transaction. We cannot recommend Liz highly enough!

 

~ James and Amanda R.

Liz Kenneally proved to be an exceptional real estate agent. Her expertise in Dadeland area homes, our preferred locale, was truly impressive. Liz's dedication to understanding our needs, preferences, and budget constraints was evident throughout our interactions. She tirelessly worked to find us the perfect home, keeping us updated and promptly addressing all our questions. Liz made the entire process enjoyable, turning house hunting into an adventure. I enthusiastically endorse her to anyone in the market to buy or sell. Thank you, Liz, for your outstanding service!

 

~ Camila I.

5 Stars for Responsiveness, Negotiation skills, Professionalism and communication, Market expertise, Was on point at every turn, from offer to closing.

 

~ Jordi B

Liz went above and beyond to market our property effectively, attracting a flood of interested buyers. Her attention to detail and commitment to showcasing our home in the best possible light truly paid off. We couldn't believe it when offers started pouring in, and even more so when the final sale price exceeded our initial expectations! It was the highest sold price in the community! Liz was responsive, proactive, and always had our best interests at heart. Her negotiation skills were impeccable, ensuring that we got the best possible deal for our property.

 

~ Willy and Gloria P.

Liz was the listing agent for a Miami property I called on and made an appointment to see . That's how it all started.I wasn't working with any agent and I told Liz I didn't want to commit to anyone. She stated she understood, nevertheless, she was relentless in keeping in touch with me. Finally, in one of her phone calls, Liz asked me if she was working hard to get my business ? I said yes, of course. Then she stated, "Imagine, what I am capable of doing in finding and negotiating for you in a tough and competitive Miami market?". That clinched it !

 

~ Arile R.

I want to thank this wonderful Lady that stuck with me until I found just the right place. I am very satisfied and you will always have a friend here. Thank you for everything Liz, you're the best.

 

~ Manny

We trusted her strategy and ended up buying the property that we were initially turned down on. You can say Liz turned that No into a Yes for less money! She is relentless. Thank you, Liz, you are a hard worker, trustworthy, on top of your game and simply a pleasure to team up with you

 

~ Alex Y.

As a business man, one of the things that impressed me about Liz is is her negotiation skills, patience and cool under pressure. She looks for a win-win even though at times we were just being one sided. Liz reminded us it's a sellers' market with properties selling quickly at or little above asking price in the area we wanted to buy.Whatever we weren't familiar with, Liz simplified it so we felt comfortable and understood the transaction.

 

~ Vincent S.

"...One of her best qualities is her ability to stand back, listen to your needs, present you all the alternatives and let you make the original decisions. She is not assertive with her opinion but when she says you better listen because it will be in your own best interest..."

 

~ Ioannis L.

I had a great experience with Liz in the sale and purchase of my new home. She was always available to answer questions with great confidence and knowledge. I consider her a personal friend since we met, through the process of buying this home. Highly recommend her to anyone looking to sell or buy.

 

~ Maria D

Ms Liz Keneally was a angel sent. I was going through personal hardship. And having a hard time not only selling The property but with the result of impending foreclosure. Which at the time was a very difficult time in my life. And she came along. And got a contract within a week. And I have nothing but gratitude towards her and her team. That treated me and my children like family.

 

~ Xenia L.

Liz has been a wonderful real estate agent for us. She is an excellent communicator, and communicates in a very timely manner. Liz provided easy to understand comparisons when we had multiple offers for the property that we were selling. Liz makes sure that all the details are taken care of, and most importantly perseveres in resolving the many issues that arise in a real estate transaction. We have been extremely happy with the work that Liz has done for us. We would highly recommend her for anyone who is seeking to sell or buy property.

 

~ Gary N

As a first time home buyer, I was nervous and worried about being taken advantage of. Liz calmed my nerves and guided me through the process. She was easy to communicate with and took the time to educate me.There were times, we had to negotiate and Liz always made sure to keep the deal alive, while protecting my interests. I have only wonderful things to say about her and would work with her again.

 

~ Sarah S.

Liz was professional from the exploratory stages of home buying to its completion. As a first-time buyer, I was looking into foreclosures. I did not expect the unexpected to say the least. From negotiations to paperwork, I am truly grateful for Liz's knowledge and skills. She guided me through the process and stood by my side when delays arose and frustrations even larger. Her calmness and verbal prowess ultimately helped me secure my very first home! Thank you, Liz!

 

~ Hennifer M

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