An appraisal is an important part of a Highlands NC real estate transaction. While a REALTOR will conduct a CMA (comparative market analysis) of a home to suggest a fair market price for selling, the reality is that a home is only worth what a buyer is willing to pay. The snafu can occur when the appraisal takes place because a lender is only willing to lend an amount based on what a home is appraised at.
A low appraisal is, of course, great news for a buyer. What buyer is not thrilled for a bargain these days? Of course the home will only be a bargain if the seller is willing to come down from the price. This is an ideal scenario for a buyer if it works out in his favor.
If the seller will not come down in price then the buyer has the choice of paying more than what the Highlands property is worth or walking away from the deal. A loan for more than a home is worth is tough to get so to close in this scenario a buyer would have to come to the table with a larger down payment.
Most sellers are not thrilled at the prospect of coming down from their price, but if they need to sell they need to sell. Contact me today to learn more about pricing Highlands homes to sell and how a CMA can help avoid being shocked by a low appraisal. My goal is to achieve success for my clients
Click here to read “Five Areas That Can Hurt Your Appraisal” from Realty Times.