Robert DeFalco Realty
‘I THOUGHT MY HOUSE WAS WORTH MORE’
Greetings fellow bloggers! It has come to my attention recently through several conversations with Robert DeFalco Realty agents, from one of two Staten Island offices, to Brooklyn and New Jersey. The age old issue seems to be resurfacing, leaving homeowners scratching their heads in wonder, thinking to themselves, “I thought my house was worth more."
The issue here is the CMA (comparable market analysis) prepared by your Robert DeFalco Realty Agent and the appraised value. This process of appraisal is completed after the property is in contract and the buyer is working with their S.I. Mortgage loan officer to secure their mortgage.
First the CMA. Before a Robert DeFalco agent meets the seller they prepare the comparable market analysis (CMA) in order to determine the market value of the home. This timely process compares sales within a certain radius and has time limits. It matches the square footage of the property and structure and the number of bedrooms and bath, basement and garage(s) to the subject and if it’s a one, two or multi family dwelling. The Robert DeFalco Agent has been well trained to do this process. They normally have three comparables prepared. From that they give their professional opinion. They will also make recommendations on how to maximize your return on investment. Your Robert DeFalco agent is well aware that as your responsible realtor they help both the buyer and seller make one of their most important financial decisions in their life, the purchase and or sale of real estate.
The other issue as mentioned is the appraisal process. This, paid by the buyer as part of their closing costs, is prepared by a New York State licensed appraiser for the lending Institution. The lender needs verification that the sale price is equal to or greater than the sale price or the LTV (Loan to Value) is in line with the sale price. If a seller wants more than the real estate agent verified price analysis the process may not take place even if the buyer is willing to pay a higher price. Bottom line is if the property doesn’t appraise the Bank will deny the mortgage, and the sale will not go to closing. Besides being a gross waste of time on everyone part it can cost the seller money if the seller purchased another property and is relying on the proceeds from their house to purchase a new home.
Remember your Robert DeFalco agent is not only affiliated with the No.1 real estate company on Staten Island with other offices in Brooklyn and New Jersey, but is well trained in house to assure our clients and customers alike, the most professional and knowledgeable service available.
Please call Robert DeFalco Realty
to find out what YOUR home is worth in today's market!
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