Under Contract | 8 of 12 | The appraisal process

Hi, my name is [YOUR NAME]. I am a Realtor here in [YOUR CITY].

If you are planning on obtaining financing, then the banks will want to make sure the value is at least as high as the selling price.

They do this to make sure they can resell it if they have to, and also to protect you as the consumer.

A licensed, third party inspector will come and first do what is called the “field work”. It includes measuring, taking notes, and photos of the interior and exterior.

They will then go back to their office and within 5-7 days will provide a detailed report.

It is not likely that there will be issues, but if there are then several things can happen.

For example, if the value comes in less than sale price we may need to renegotiate with the seller.

If they sell it for less, then we will adjust the sale price on the contract.

How much you are putting in as a down payment and the type of loan you are getting will determine if the appraisal is an issue, and if so, we will need to work to resolve it with the owner as soon as we can.

And please, don’t worry about this… 99.9% of the homes I sell all work out with regards to the appraisal process.

Everything typically goes just fine… but we will see.

Ok, that’s it for now!

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Have a great day and happy house hunting!

Bye!