Congratulations! You’ve just sold your home and gotten through the inspection negotiation with the Buyer. It’s smooth sailing from here on out. Or is it?
If your Buyer is obtaining a loan, then there is one more hurdle to jump ~ the appraisal.
Hired by the lender, the appraiser is meant to verify the market value of the property so that the lender is secured in what they are lending against it.
Typically the appraisal goes smoothly and all is well, but every now and then it doesn’t. When that happens a well oiled machine can come to a screeching halt. If an appraisal comes back low (at a value below the agreed upon purchase price) or with conditions (repairs that need to be done to the home before the loan can be completed) it can cause a lot of issues and headaches for both Seller and Buyer.
Here is a great article summarizing what it is appraisers are looking for and things you can do to help the situation.