The Real Estate Journal recently ran an article (Home-Appraisal Red FlagsIn a Cooling Housing Market) that outlined questions that you should ask yourself when determining the validity of a home appraisal:
- Does the stated home value seem reasonable, given what you know about the neighborhood?
- When the appraiser cites comparable home sales, is he focusing on nearby houses?
- Does the appraisers’ description of the house match what you know?
- Will the lender give you a copy of the appraisal?
- Is the appraiser licensed and/or certified?
What should you do if you don’t like your answers to any of these questions? Well if you’re a home buyer considering contacting an exclusive buyer agent. They have been through this before, they know your market, and they will have your best interests at heart.
Category: How to Buy a Home