How you can use the appraisal gap to help you buy a house with competing offers?

By
Managing Real Estate Broker with Maxus Realty Group of Samson Properties Broker - Realtor - CEO

Maxus Realty Group Agents are local specialists with knowledge to help you buy and sell the right home, at the right price.

We are passionate about you as a client, we will always protect your best interests just because it's the only way we do business day in and day out.

Today, we'll talk about How you can use the appraisal gap to help you buy a house with competing offers? 

 

What's an Appraisal? 

An appraisal is a valuation of a property by a licensed real estate appraiser. A mortgage lender hires an appraiser for their mortgage application to determine the value of the property

The bank will lend money to the buyer for the purchase of the house, assuming the property is valued at a certain price. The bank will take the house as collateral for the loan.

Mortgage lenders use appraisers to assess what the value of a property… to see if it is worth enough to lend money to buy. 

This helps to safeguard the bank from lending too much money to a property which is not worth the contract price.

 

 

You may have different opinions on the value of a property. You can find out how much it is worth by getting different estimates from three different professionals.

An appraiser is someone who determines the current market value of a property by using  recently sold properties to help determine a home's value. Those are called "comparables"

They break down the components of each comparable property sold to arrive at an estimated value of the home.

 

How do Appraisal Contingencies Work When You're Purchasing a Home?

 

 

READ MORE: https://www.maxusrealtygroup.com/blog/2822/How+You+Can+Use+The+Appraisal+Gap+To+Help+You+Buy+A+House+With+Competing+Offers+

 
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