Christian Real Estate Blog

A Great Tip about your appraiser

Realty Times - Real Estate News and Advice: "The Appraiser
Despite what others may say, this is the most important visitor you're going to have come by your house. Sometimes even the appraiser downplays his/her visit to the property. I've had some say, 'Oh, don't worry about cleaning up. I'm going to just be a few minutes.' Famous last words.

If you have to 'wow' the buyer to write a contract, then you better 'mesmerize' the appraiser. This is the person who is going to take a first stab and confirming that the seller and buyer have come up with a realistic price for the property.

With a contract price of $351,990 you want an appraisal of $351,990 or higher. If the appraisal is high, it has no bearing on the contract. If the price comes too far below, and the buyer doesn't have enough down payment funds to cover the difference, then the buyer and seller will have to renegotiate who is going to take the financial hit to make the loan work. Is the seller coming down in price, the buyer up in price or are they going to split the difference?"

posted by Justin Smith @ 12/02/2005 03:14:00 PM