Today is Appraisal Day for one of my listings, a critical step in the home buying/selling process. This is the part when the Lender sends out a licensed individual to assess the value of a home!
If the value of the home is deemed that or above the offer price, you are set for smooth sailing into underwriting and the last steps in finalizing your loan, congratulations! If the Value of the home comes in less than your offer, rut roh....speedbump! Often very negotiable, at this point neither buyer or seller wants to walk away from the home or the sale but it does affect the loan portion as the lender is only going to finance what the home is worth. This could result in re-negotiating the sale price or possibly more out of pocket costs at closing!
A good realtor can guide you through the appraisal process and deliver the best options to keep the deal moving forward, if you have any questions about the Appraisal or the steps that follow, I'm here to help!
Jason Wood
586-899-6446
JasonWood.MIRealtor@gmail.com
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