What You Need To Know About Your Home Appraisal And Your Mortgage. May 24, 2018 by. If an appraisal comes in low on the home someone wishes to buy, the buyer shouldn’t panic.. and soon the home sale process will be over. As always, your trusted mortgage professional is the best resource.
An appraiser will usually look for 3 or 4 (and potentially up to 10) comparable properties that have been recently sold in the area. These might not be exactly the same size, condition, or age, but they do give an appraiser a good idea of what is selling close by.
Appraisals probably kill more home sales than any other factor. For buyers, low appraisals can put the home of their dreams out of their price range. For sellers, low appraisals can cost a sale or force them to settle for less than the buyer’s offer. For both sides, appraisal problems can delay.
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Every aspect of your home will be looked at to determine the value of your home. If you have any other questions about the appraisal process, please feel free to call your licensed professional. They will be able to answer any questions you have about the appraisal or any other part of the reverse mortgage process.
When you’re selling your home or trying to get a second mortgage or a home equity line of credit, your bank will probably order a current appraisal. The appraisal tells the bank what your house is worth based on its age, condition, the neighborhood, landscaping and recent sales trends, among many other factors.
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