Property market appraisals are a part of nearly every property transaction that involves a mortgage. The lender will want to know if their investment is safe and secured by the value of the property.
Appraisals that come back below the sale price are a disappointment and can potentially kill the transaction. But a low appraisal, especially one based upon faulty or incomplete information can be revised. Bob Hunt has recently published an article regarding this issue. CLICK HERE to read the article.
If you are buying or selling real estate, you will find that an accurate and complete appraisal is crucial to everyone walking away happy from the closing. The more you know about the process the better off you are. If you are looking for a local appraiser, give me a call and I can provide names and numbers of several that work in our market. Charlie