REAL ESTATE BROKER
We are looking to go full time in the next 5-10 years and the first step toward that is moving closer to the grandchildren... We have a real estate agent right now that is doing practically nothing...
Forum Discussion
regarding the appraisal issue. There is an appraisal and there are comps. Two separate items. Both equally important.
I would not as a seller pay for an appraisal. Comps are what you base the sale price on. The buyer's bans is going to require an appraisal at "the time you go into contract".
Before ANY bank or lending institution will give a "buyer" a loan an 'appraisal" is required and is paid for by the buyer.
The appraisal is what the amount the bank will loan is based on. That said, the comps are taken into consideration at this time also.
Your house may appraise at X amount but when the comps (i.e. sold like homes in area)are looked at and the sold price is 'considerably' lower than what you are listing it for, the amount the bank will loan to any buyer will be the lower amount of the sale of the like home.
Henceforth the domino affect of the crash. All it took was one house on a block to foreclose and sell for squat and your house now was also worth squat. That quick.
Comps are the name of the game for obtaining loans for the buyer and is what fast-tracked the crash into oblivion in such a short time period.
I would not as a seller pay for an appraisal. Comps are what you base the sale price on. The buyer's bans is going to require an appraisal at "the time you go into contract".
Before ANY bank or lending institution will give a "buyer" a loan an 'appraisal" is required and is paid for by the buyer.
The appraisal is what the amount the bank will loan is based on. That said, the comps are taken into consideration at this time also.
Your house may appraise at X amount but when the comps (i.e. sold like homes in area)are looked at and the sold price is 'considerably' lower than what you are listing it for, the amount the bank will loan to any buyer will be the lower amount of the sale of the like home.
Henceforth the domino affect of the crash. All it took was one house on a block to foreclose and sell for squat and your house now was also worth squat. That quick.
Comps are the name of the game for obtaining loans for the buyer and is what fast-tracked the crash into oblivion in such a short time period.
