Everyone has an opinion of the value of your home and it is a source of anxiety for many people. The graphic below gives a good humorous view of how you others see the value of residential Real Estate. BUT, the graphic left out the Real Estate Agent. The selling Realtor® seeks to get the highest price they can for their client while the Buyer Realtor® is looking to get the best deal for their client.
Sellers may get anxious during the bank appraisal hoping to have the property appraise at, at least the agreed upon selling price. And a homeowner may get anxious, at times, at the assessed value of the property, for taxation purposes.
2 transactions ago I received 3 offers at the same price but different terms, The seller chose the buyer with the best terms. When the bank appraisal took place I provided 3 comps, informed and showed the appraiser that we had received 3 offers for the same money. I was surprised when the appraisal came in nearly $10K lower. We asked for a review and 2nd appraisal and were denied. Buyer and Seller came to an agreement.
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