So, you’ve got an offer on your house from a qualified buyer and you’re ready to call the movers. Before you pick up the phone, remember that a few hurdles still have to be overcome before settlement day—in particular, the home appraisal.
An appraisal, paid for by the buyer, is required by the buyer’s lender to ensure that the property’s value is equal to or higher than the loan amount. If your buyer has offered $250,000 on your home and intends to borrow $225,000, your home must be worth at least that much or more.
Your buyer pays for the appraisal, which is scheduled by the lender, but that doesn’t mean the appraisal process is entirely out of your hands. There are steps to take before and during the appraisal appointment that can maximize your home’s value, increasing the likelihood your transaction will include a smooth settlement day.
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