Highlands Real Estate, Doubting Appraisal
Doubting the appraisal is not uncommon when it comes to Highlands real estate. The appraisal is an important part of refinancing a home or purchasing a home. Lenders rely heavily on the appraisal to determine how much money can be loaned on any given Highlands NC property. Issues arise when an appraisal comes in lower than expected.
When an appraisal comes in lower than expected it can get in the way of a refinance or a purchase. A lender does not want a buyer to purchase a home for more than its worth. In this scenario a buyer can come to the table with more cash, walk away from the deal, or ask for another appraisal. Similarly a homeowner refinancing will either not be able to refinance or request another appraisal. The key step here is to not be afraid to question the low appraisal. Everyone makes mistakes and while a low appraisal could be valid it may not be.
Your Highlands REALTOR can be extremely helpful with navigating the appraisal process. While a REALTOR is not an appraiser she has had extensive experience in the local market. Making sure reasonable comparisons have been made during the appraisal process is important.
Contact our team at Berkshire Hathaway HomeServices Meadows Mountain Realty today to learn more about buying homes in Highlands NC. We welcome the opportunity to update you on current market conditions and trends while recommending reputable local lenders at the same time. Our knowledge and experience can serve as your guide to Highlands real estate.
Click here to read “Appraisals Can Be Challenged” from Realty Times.