Wow, say that 3 times! Often forgotten about, the Appraiser plays an important role in the sale of a home.Before taking a listing a real estate agent will conduct a comparative market analysis on the property and present the information to the Sellers. Ultimately, the Sellers have the right to choose the asking price and the agent can in turn choose not to represent the house if they feel it is priced too high. We are in the business of “selling” not “listing” homes and we spend time and money working towards that mutual goal we share with our Sellers. Besides the “comps” the Sellers need to be aware of the power of the appraisal, which the agent may have failed to mention. When purchasing a home most Buyers will obtain a new loan. The lender will order an appraisal on the property to determine its value. The lenders do not want to lend more money than the home is worth. In fact, the lender will probably not lend more than 80% which requires a hefty down payment. And with the current condition of the mortgage industry, guidelines are tighter and lenders are more cautious. If the home appraises for less than the sales price the deal may be canceled. The Buyers have the option to pay th difference, but in this market I doubt we would find any Buyers willing to pay more than appraised value.

The Seller have many people to please in regards to price; the Buyers in order to receive an offer and the Appraiser and Lender in order for the loan to fund.

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