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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