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Answers (3)
- agentblu15
- Contributions:353
Also, proper appraisal practice instructs the appraiser to use at least 1 comparable sale from within your home's neighborhood/subdivision, and at least 1 from outside the subdivision in a competing neighborhood/subdivision whenever possible. The 3rd comparable location is their choice. This is done so that the reader can see value trends for the entire market area, not just one subdivision or trac, since most buyers don't limit their home search to only one tract or neighborhood.
But, as other posters have said, an appraial as part of the purchase process is only a problem if the value comes in BELOW the purchase price or the loan amount. So even if it is incorrect, it won't have any impact on you, so the easiest thing is probably just to let it go and proceed with your closing.
But, as other posters have said, an appraial as part of the purchase process is only a problem if the value comes in BELOW the purchase price or the loan amount. So even if it is incorrect, it won't have any impact on you, so the easiest thing is probably just to let it go and proceed with your closing.
- Ryan Mills, "TheMMTeam"
- Contributions:113
In a normal transaction the appraisal is only ordered after an offer has been made and then accepted by the seller. In that case, a price has already been agreed upon, before the appraiser starts his/her work. The only reason an appraiser comes to the property is so that your lender can verify that the home is actually worth as much as your accepted offer. If it's higher, that's usually a good thing. If it's lower, your lender will have a problem lending you the money.
Even if you ordered the appraiser before submitting an offer, if you get an accepted price below the appraisal amount, you should still be fine.
To clarify... the appraisal is not what you will be paying. It is just a benchmark as to where the lender is allowed to loan you money. The final purchase is always based upon an acceptable price between buyer and seller. (unless the appraisal comes in lower).
Hope this helps and good luck!
Even if you ordered the appraiser before submitting an offer, if you get an accepted price below the appraisal amount, you should still be fine.
To clarify... the appraisal is not what you will be paying. It is just a benchmark as to where the lender is allowed to loan you money. The final purchase is always based upon an acceptable price between buyer and seller. (unless the appraisal comes in lower).
Hope this helps and good luck!
- NTETS, "Mr Caveat"
- Contributions:6436
whats it for? tax dispute? FHA loan? Short Sale?
Appraiser did not use comps in my tract and I don't agree with appraisal. What can I do?
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