People have a lot of questions about appraisals and what role they play in the real estate process. Today, I will be answering a couple of common inquiries.
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People often ask me, “Should we have an appraisal conducted prior to the sale?”
The answer isn’t as simple as “yes” or “no.” If your home is particularly unique and you therefore have absolutely no idea what your home’s market value is, it may be a good idea to have an appraisal conducted before your sale.
However, one of the challenges with a unique property is that appraisers may not have the on-the-ground information an agent would when it comes to the specifics of your home.
You may order an appraisal of your own early on in your sale, but remember that the buyer will also have an appraisal ordered later on in the process. When two appraisals are conducted on the same property, it isn’t uncommon for the figures to have a disparity between them.
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Another question people often ask is, “What happens if the appraisal comes in higher than the sale price after you put your property into contract?” Well, the good news is that this means your sale can go through without any interference. On the other hand, if the appraisal comes in low and the buyer is relying on bank financing, the saleability of your property could be adversely impacted.
When two appraisals are conducted on the same property, it isn’t uncommon for the figures to have a disparity between them.
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If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
