What Are Home Appraisals?
🔓 Unlocking the mysteries of home appraisals.
👋 This is Steve Hamre from the Hamre Real Estate Team.
🏡 So you've just accepted the offer to sell your home.
💼 And now the buyer's lender is sending in the appraiser.
🤔 What's the deal with this crucial step?
🔍 Well, let's dive in. Why the appraisal? Once the contract is in, the buyer's lender wants to ensure the purchase price matches the property's actual value.
🔍 No surprises here.
💰 The appraised value, it's a vital factor in the mortgage approval process.
📉 While the sale price sometimes determines the mortgage amount, that usually happens when the property goes for less than the appraised value.
💡 But remember, it's not a set-in-stone number. Dynamic appraisals.
💼 Appraisals can vary depending on who's doing them.
📊 Market conditions can even influence the appraised value.
🧩 So it's just one piece of the puzzle, especially if you're in a hurry to sell.
💡 How appraisals work: gather data from recent home sales in your area to figure out a fair price.
🏠 Not only is this essential for securing your mortgage, but it also helps determine market value and property taxes.
❓ Questions curious about the home selling process.
🤝 We're here to help you navigate your exciting journey. Reach out to the Hammer real estate team today. Visit.
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