Two questions we get asked all the time are, “Why do I need an appraisal?” and “Why are appraisals important?”
Whether you’re buying or selling a home, the appraisal is going to have a significant impact on you. If you’re a seller and the buyer who’s purchasing your home is getting a loan to do so, their lender is going to want to get an appraisal order. If you’re a buyer, you’re going to want to make sure that the home you’re buying is going to appraise for the amount you’re paying for it.
What happens when it doesn’t appraise? If you’re the buyer, you’re going to have to either increase your down payment or convince the seller to reduce their price. If you’re the seller, you can either hope the buyer offers more money or gear up for a renegotiation.
There are ways that you can help yourself by helping the appraisal process. Like lots of folks, appraisers can be overworked and underpaid, so they don’t have a lot of spare time. What we do is meet with the appraiser when they’re coming in to do one and give them information like the house measurements and the property’s highlights. We also give them comparable sales nearby that justify our price. After this, we usually have much less trouble getting appraisals that work for both the buyer and the seller.
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Help yourself by helping the appraisal process.
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If you have any questions you’d like answered, just give us a call or shoot us an email. We look forward to talking with you soon.
