Fear Of Appraisals... Episode 281

Fear Of Appraisals... ...is 100% real for buyers and sellers alike the buyer wants the home to appraise so they can get the loan approved the seller wants the home to appraise so the sale doesn't get cancelled there are 3 possible outcomes on every appraisal the home appraises for the contract value and the deal continues the home appraises for more than the contract price and the deal continues the home appraises below the contract price and the deal may fall apart when an appraisal comes in low there are some remedies available to keep the deal going the buyer can make a larger down payment the seller can reduce the price to the appraisal value a new price in between can be agreed upon to share the pain in a quickly rising market you see appraisals come in low quite often as the market is surging forward and the closed sales comps are a couple of months old in a declining market, a home may appraise higher than sales price as their is a lag in the closed sales in a balanced market such as the one that we have been in for awhile appraisals tend to work out as there isn't a lot of price movement tune in to today's show all the details on what goes on during the appraisal process

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