11th November 2015

Oh great – another opinion on the appraisal process

BY KENNETH HARNEY

Appraisal ‘adjustments’ can cause trouble

Whether you’re a homebuyer, seller or looking to refinance, you probably know the crucial importance of appraisals: They can limit the amount of mortgage money you’re allowed to borrow, delay your closing or even totally mess up what you thought was a done deal.

According to survey research provided by the National Association of Realtors, more than one out of five home real estate contracts gets delayed before closing because of disagreements or problems connected with the appraisal. Eleven percent of sales contracts that explode before final signing involve appraisal issues.

That’s a lot. Say you’ve found a buyer for your house who’ll pay you $400,000. Suddenly an appraiser says it’s really worth $365,000, based on analysis of “comparable” properties sold recently in the area. Now your buyer balks and threatens to pull the plug if you don’t slash the price. You and your listing agent challenge the appraisal and demand to see what sort of comparable sales and other calculations were used to come up with a value $35,000 below what a buyer was prepared to pay. …continue reading the rest of this post: Oh great – another opinion on the appraisal process

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