Do you know what appraisals are and why they're so important? Appraisals have a significant impact on any home transaction that involves financing.
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First, if you are listing your home, you can order an independent third-party appraisal before listing to get an idea of the value of your home and to double check with your agent.
If you get an appraisal during the selling process, the appraisal comes after the inspection period to make sure the value of the home meets or exceeds what the bank is going to loan for the home purchase.
Appraisals are ordered by the bank lending the money.
Appraisals are so important to the transaction because if the appraisal comes in below the agreed-upon price in the contract, the buyer might not be able to secure the loan, or they may have to bring extra money to the closing.
For sellers, appraisals are important because they can cause them to lose out on a transaction that's 30 to 45 days in. They may have to start all the way over or lower the purchase price.
These are all reasons why it's critical to have a Realtor you trust guide you through the process.
If you have any questions about appraisals or the Phoenix real estate market, give me a call or send me an email. I'd be happy to help.