Home Appraisals and the Home Buyer
A home appraisal determines what a house is worth. This number is especially important when you're looking to purchase a particular house. Your lender will make a decision regarding the amount of your loan based on the appraisal value of the property. The appraiser not only takes into account the house in question, but similar homes sold in the area, as well as several other factors. The appraised value of a house can also help you with assessing taxes and estate planning when buying a home.
Due to the varying factors that go into an appraisal, there are cases when the appraised value of a house will differ, sometimes greatly with the asking price. When this occurs you may be suddenly held responsible for a greater down payment than origianally calculated. To protect yourself from this occurence, you should insist that the real estate contract includes a financing contingency. The contingency may include the opportunity to cancel the contract and get your earnest money refunded or state that the seller will reduce the price of the house to the appraised amount.
Working with a knowledge Real Estate Broker can make a huge difference when buying or selling your home and can help to protect your interests by using contingencies like this!
Call AJ or John Chamberlin, they can help you through the many details of buying or selling a home!
AJ: 303.588.8999 - or email - aj@chamberlinteam.com
John: 303.579.4455 - or email - john@chamberlinteam.com
No comments:
Post a Comment