Buying Highlands NC Real Estate, Understanding Appraisal
Buying Highlands NC real estate is easier with an understanding of the appraisal. The appraisal presents the value of a home, something that is necessary for any buyer intending on taking out a loan. Appraisals can come in right at the listing value. However, appraisals can also come in either below or above the agreed upon purchase price of the Highlands NC home for sale.
There is a cost to the appraisal of a Highlands NC home for sale and it will be the buyer’s responsibility. The. Buyer is, after all, the person getting the loan. However, the cost of the appraisal, like many points in a purchase contract, is negotiable and many sellers will split the cost.
What do you do if the appraisal come in high or low?
If the appraisal comes in higher than the agreed upon price for a home you can count yourself lucky. You may be getting more value than you realized and this is a good thing. If the appraisal comes in low then you will have some decisions to make. You can walk away from the deal if you have a finance contingency. Or, you can negotiate the price down. The other option is to come to the closing table with more money out of your own pocket.
These decisions are yours to make but your Highlands NC REALTOR will be a helpful guide. Buying a home is a serious investment and moving forward on a home that is valued at less that your purchase price is not necessarily a wise decision. Weigh your appraisal carefully prior to getting to the closing table!
Contact me, Lynn Kimball, today to learn more about buying Highlands NC homes. I welcome the opportunity to walk you through the buying process while updating you on market conditions. Let my knowledge and experience serve as your guide to buying Highlands NC real estate.
Click here to read “Hey, Buyers: These Home Appraisal Tips Are for You” from House Logic.