An appraisal is an estimate of the value of a property. Appraisers are trained in appraising real estate and related fields such as construction, engineering, finance and law to facilitate the purchase or sale of land.
In this video we’ll cover:
- What is an appraisal?
- An overview of what’s involved with a home appraisal process
- How much does it cost?
Questions we answer in today’s show:
1. What is a home appraisal?
2. Explain the difference between an appraisal and a home inspection
3. Explain removing the “appraisal contingency”
4. What happens if the appraisal comes in low and… The buyer removed the appraisal contingency
4a. The buyer did NOT remove the appraisal contingency
5. What happens if the appraisal comes in higher than the contract price?
6. Is there any “game-playing” to watch out for with buyers when it comes to appraisals?
7. Anything sellers can do to avoid potential game playing?