What is an Appraisal-And Why Does it Matter?

What is an Appraisal-And Why Does it Matter?

You found a home in Newton, agreed on a price, and now the bank is sending an appraiser. This is the 'moment of truth' for your mortgage.

The Process

An independent professional evaluates the home's condition, size, and-most importantly-what similar homes ('comps') have sold for in the last 6 months.

What if it 'Appraises Low'?

If the bank says the house is worth $1.4M but you agreed to $1.5M, there is a '$100k gap.' We can then:

1. Dispute the appraisal with better data.
2. Ask the seller to lower the price.
3. The buyer covers the gap in cash.

My Role

I always meet the appraiser at the property with a packet of data to ensure they see the true value of the upgrades you've made.

[[CTA]] Worried about an upcoming appraisal? Let's review the recent comps and prepare for a successful valuation.