Appraisals can make or break the transaction.
The appraisal is an unbiased professional opinion of the value of a home and is used whenever a mortgage is involved in the buying, refinancing, or selling of that property. Appraisals cover a lot of ground and are part of the closing process. A qualified appraiser creates a report based on a visual inspection, using recent sales of similar properties, current market trends, and aspects of the home (e.g., amenities, floor plan, square footage) to determine the property’s appraisal value. Although the borrower usually pays the appraisal fee, which can be several hundred dollars, Sellers need to take the appraisal process very seriously. If your home “under-appraises”, it can kill or delay your deal by limiting the amount the bank will fund forcing your buyer to come up with more cash. If you’re selling we can talk about what to address before your appraiser shows up. Contact me ASAP for our free property & neighborhood analysis.
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