Home Appraisal

Most homebuyers use a lender to purchase a home. Any lender providing a mortgage on a home for a prospective buyer will require a home appraisal to be conducted by a licensed New York State appraiser. This requires the appraiser to come to the home to make measurements and evaluate the home’s condition relative to other sold comparable properties in the marketplace, to determine whether the home is worth what the buyer has agreed to pay for it.

It is for this very reason that you want as a seller to have an agent who has helped you price your home accurately. If the appraisal comes back below the agreed-upon price, it can be a challenge. If the challenge is unsuccessful, either the seller can lower the price, or if the buyer is willing, they can choose to put more down on the home to adjust the loan-to-value ratio that is satisfactory to the lender. Once again this can involve additional negotiation. Cash buyers do not have a mandatory appraisal requirement; although they can still make their purchase contingent upon an appraisal.

 

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