The all important appraisal on the home for sale when the place on the market status changes from "for sale" to "contract pending".
The sale pending status of the home for sale is a beautiful site to behold. Not as rewarding as the "SOLD" sign panel rider whipped out and butterfly screwed to top it all off after the real estate closing. A very loud ticking clock is always grinding away in the back ground during the marketing, especially when the home for sale changes status from "active" to "pending". But how to stretch the value of a home, how to push the real estate market to get the top of it. Just being under contract does not mean the absolute guarantee for the sit down real estate closing at the long table in the conference room of a lender or lawyer.
Like the real estate agent ground pounding to make the home sale happen and burning up the phone, email, text messages to keep the sale on track.
The house appraiser when a bank is involved is one major hurdle to clear. Without the stretch to clear the jump without knocking it over, everything depends on the all important appraisal report.
The appraisal figure has to hit the bull's eye or higher for valuation.
I get way more excited when the appraisal is done and left to only worry about the title to the property.
And reminding the buyer to keep his financial nose clean and don't change jobs, file for divorce or make any major purchases.
That would affect the debt ratios, credit score for the sit down pass the keys please.
Read the full article on "appraising a home for sale, how it works for bank lending".
There is a lot that happens going in, during, coming out of the the appraisal report that is generated that can make or break the actual home sale.