newport beach real estate – the truth about appraisals

Newport Beach Real Estate – The Truth About Appraisals

Brought to you by : www.GabeColeRealEstate.com

One of the main problems of people whenever they are trying to buy or sell a property is the appraisal of the property that they want to buy or sell.

It could even cause more problems if you are not aware of what appraisal really means, and this is what we will be discussing today

Newport Beach Real Estate – The Truth About

Appraisals

www.GabeColeRealEstate.com

Newport Beach real estate is a very complex industry, so you need to be aware of at least the basic things that you need to know about it.

Normally, an appraiser is a person who was sent by a lender to determine the value of the property.


Appraisals


This is their step to help them avoid fraud transactions wherein a person would take a $100,000 loan for a property that is only worth $60,000.

The appraiser will serve as the third look at the property in order to provide an estimate of the value of the property, and be able to release funds that is enough for it.


Appraisals


The problem with most people is they think that an appraisal means the real value of the property, which is definitely not true.

In fact, the value of the property that you want to buy depends on the negotiation between you and the seller.


Appraisals


You may think that the price of a property is worth $100,000, but selling it for only $80,000 is not impossible, especially if the terms would be beneficial for you.

Whenever you have already closed a deal with the seller – say $100,000 – and the appraiser estimated the value of the property to be only around $80,000, there are two steps that you can take.


Appraisals


Either you talk to the lender and explain your situation, or leave them as it is and simply cover the difference of $20,000.

Since the deal with the seller is already closed, talking to him and saying that the appraisal was only $80,000 won’t be advisable for you.


Appraisals


The only thing that you need to understand is that an appraisal is still an estimate of the value of the Newport Beach real estate property.

It doesn’t have anything to do with the real value.


Appraisals


Most people would simply cancel a transaction because the appraisal was lower than what they have agreed, and this could be a problem for both you and the seller.

So to make it easier for you to understand, appraisal is very important for the lender, but it doesn’t have anything to do with your negotiation with the seller.


Appraisals


It would be better if you have a Newport Beach real estate agent with you because they can provide you with a more personal advice on how you can get over the dilemma of a low appraise.

Some would say that it would be better to look for another lender, but my advice for you is to get someone who has real knowledge with the situation that you are in.


Appraisals


If you want to find more information on the Newport Beach real estate, it would be better if you are going to visit our website now!

We can provide you with all the answers to your inquiries to Newport Beach real estate and you can be assured that we will help you get the best real estate Newport Beach.


Appraisals


http://www.gabecolerealestate.com/



Newport Beach Real Estate – The Truth About Appraisals

Brought to you by : www.GabeColeRealEstate.com

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