Saturday, June 04, 2005

Appraisals

I just wanted to share an ongoing theme in the real estate arena these days. Appraisals. Most purchase contracts include a clause that calls for an appraisal of the property. With homes increasing in value so quickly these days, appraisers are having a hard time finding comparable properties to substantiate the prices. When this happens, the buyer may not be able to get the loan in the amount they need. Sellers should be aware of this. As a seller, you may be able to find a buyer to pay your price in this short supply market, but you may not find an appraiser and lender that are willing to take the risk of a price that isn't supported by comparable sales.

www.HopeGoss.com

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