When a buyer has financing, a home appraisal is required for lenders to approve their loan. Home insurance companies use the appraisal as the basis on their coverage. A lender will not lend more than the unbiased valuation of a home (i.e., what the home is worth). Appraisals are performed by an independent party with no interest in the property.
There are three types of appraisals:
The buyer's lender will choose the method(s) used to appraise the property. As mentioned previously, if the appraisal of the home is less than the offered sale price, the buyer will have to either make up the difference, reject the deal, or you can lower your home price to match the appraisal.
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Avoid a low appraisal. With an agent like John P. Sharp, who is certified as a broker's price opinion professional, you can be sure that your home is priced accurately before listing your home. This is a small part of our real estate services. A simple comparative market analysis may not be enough to properly compute the value of your home. You are almost through the Selling Guide! Click ahead.
John P. Sharp, Premium Real Estate Broker with Skyline Properties, Inc.
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