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The Appraisal Of The Home For Sale, How Does That Process Work?

The all important appraisal on the home for sale when the place on the market status changes from "for sale" to "contract pending".

The sale pending status of the home for sale is a beautiful site to behold. Not as rewarding as the "SOLD" sign panel rider whipped out and butterfly screwed to top it all off after the real estate closing. A very loud ticking clock is always grinding away in the back ground during the marketing, especially when the home for sale changes status from "active" to "pending". But how to stretch the value of a home, how to push the real estate market to get the top of it. Just being under contract does not mean the absolute guarantee for the sit down real estate closing at the long table in the conference room of a lender or lawyer. stretching values in maine photo

Like the real estate agent ground pounding to make the home sale happen and burning up the phone, email, text messages to keep the sale on track.

The house appraiser when a bank is involved is one major hurdle to clear. Without the stretch to clear the jump without knocking it over, everything depends on the all important appraisal report.

The appraisal figure has to hit the bull's eye or higher for valuation.

I get way more excited when the appraisal is done and left to only worry about the title to the property.

And reminding the buyer to keep his financial nose clean and don't change jobs, file for divorce or make any major purchases. 

That would affect the debt ratios, credit score for the sit down pass the keys please.

Read the full article on "appraising a home for sale, how it works for bank lending".

There is a lot that happens going in, during, coming out of the the appraisal report that is generated that can make or break the actual home sale.

I'm Maine REALTOR Andrew Mooers, ME Broker

info@mooersrealty.com | 207.532.6573

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Comment balloon 7 commentsAndrew Mooers | 207.532.6573 • May 16 2017 06:55PM

Comments

Hi Andrew

The appraisal process is often not well understood by buyers, and it tends to be an anxious moment until the final good word (hopefully) is received. Knowing what the options are, should the appraisal not come out where it needs to, is important for both buyers and sellers.

Jeff

Posted by Jeff Dowler, CRS, The Southern California Relocation Dude (eXp Realty of California) about 3 years ago

Very true, till the appraisal is done our work as a listing agent is not done. We always try to meet with the appraiser and share the details of the sale, including if there were multiple offers and what comps we used for pricing the home as well as any upgrades the sellers have made. It is not a piece of cake and am always glad when i hear it appraised for value or higher. Like your post explaining the need for this to be completed.

Posted by Nick Vandekar, 610-203-4543, Tredyffrin Easttown Realtor, Philly Main Line (Long & Foster Real Estate Inc 610-225-7400) about 3 years ago

Good evening Andrew Mooers ,

The appraisal process is often not understood by the buyers and needs to be explained especially in Thinventory and could effect the amount they need to have ready to close. As a listing agent it's important to make sure you supply the best comparable sales as possible to the appraiser to help bring the home to proper value.

Posted by Dorie Dillard CRS GRI ABR, Serving Buyers & Sellers in NW Austin Real Estate (Coldwell Banker United Realtors® ~ 512.750.6899) about 3 years ago

Thanks Dorie Dillard ... It is a tough job being the appraiser. You are a hero if the right value figure comes in, a villain if it does not hit the contract price. 

Posted by Andrew Mooers | 207.532.6573, Northern Maine Real Estate-Aroostook County Broker (MOOERS REALTY) about 3 years ago

Jeff Dowler ... Explaining what happens when the appraisal figure comes in low and so the deals don't die. How many lower than contract price sales stay together with the same buyer in your experience?

Posted by Andrew Mooers | 207.532.6573, Northern Maine Real Estate-Aroostook County Broker (MOOERS REALTY) about 3 years ago

Nick & Trudy Vandekar, 610-203-4543 ... Had one house sale to an England buyer where we are still getting calls asking if they will sell for a big profit what they bought as is. Cash avoids the appraiser and makes life one less middle man hurdle in the real estate process doesn't it?

Posted by Andrew Mooers | 207.532.6573, Northern Maine Real Estate-Aroostook County Broker (MOOERS REALTY) about 3 years ago

That can be a hurdle that we don't always look forward to dealing with...but it's part of the process !

Posted by Sally K. & David L. Hanson, WI Real Estate Agents - Luxury - Divorce (EXP Realty 414-525-0563) about 3 years ago

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