Buying Highlands NC Real Estate, Appraisal
Buying Highlands NC real estate almost always involves an appraisal. The appraisal will determine a price for a given property and is always completed when a loan is involved. However, an appraisal can absolutely be a part of a cash transaction. Additionally, an appraisal might take place prior to a homeowner listing a Highlands NC home for sale.
Who pays for the appraisal?
The buyer typically covers the cost of an appraisal. However, most parts of a Highlands NC real estate contract are negotiable. Additionally, when a homeowner conducts a pre-listing appraisal he will cover the cost. Typically the appraisal will be ordered by a lender when a loan is involved with a purchase. As a result, this cost will be passed along to the buyer.
What if an appraisal is low?
When an appraisal comes in low for a Highlands NC property then there will be a decision to be made. The buyer should certainly try to negotiate the price down. However, a seller may not reduce the agreed-upon price. In this instance, the buyer can walk away from the deal. Or, the buyer can ask the lender for another appraisal. Of course, there is always the option to arrive at the closing table with more money. The decision should be weighed carefully with an eye on current market conditions.
Learn more about buying Highlands NC real estate
Contact our team at Berkshire Hathaway HomeServices Meadows Mountain Realty today to learn more about buying a home in Highlands NC. We welcome the opportunity to get you up to speed on the market while answering all of your questions. Let our knowledge and experience serve as your guide to buying Highlands NC real estate.
Click here to read “Hey, Buyers: These Home Appraisal Tips Are for You” from House Logic.