Should you fear an appraiser? Farmington Hills home buyer tipsAppraisers are sometime viewed with fear by buyers. That appraisal can upset a deal. If an appraisal comes back low, your mortgage lender will refuse to make a loan based on the purchase price, and the seller will be forced to meet the appraised value - or forfeit the deal. Or you will have to come to the closing table with more money? What does a low appraisal mean to you the Farmington Hills home buyer? An appraisal is just one appraisers opinion of the value of the home? Is it the true value? Not necessarily? I have seen appraisers make mistakes and come in $25,000 low. It depends on which other sold homes they are comparing it too, and how they feel it compares. Sometimes a Farmington Hills appraiser won't give much value to a top end finished basement or a totally updated home with all the latest amenities. They are sometimes limited by what they can give for value for a certain section of the home. So even though that finished basement with the theater room, bar, and full bathroom cost $100,000. They may only give it a value of $10,000. So the appraised value may be different than what the true market value is worth. I have seen homes where there are 5 bidders on the home and all the bids are over list price. Yet later the appraisal comes in low. It happens. But should you start worrying now? NO! You can't change what the appraiser will do. Worry about what may happen will just cause you sleepless nights. So let the appraiser do there job. Remember they are just trying to give an honest opinion of what they feel the home is worth in their professional opinion. For more information on buying a Farmington Hills home, please give me a call or email me. 313-310-9855 Search for Southeastern Michigan homes Real Estate Videos: Cedar Island Lake homes White Lake MI Canton foreclosures - home buying tips Novi real estate home buyer tips - comparables Russ Ravary real estate Livonia MI Michigan Lake Info:
http://www.detroitmichiganrealestatehomes.com/005828 Posted on Oct 30, 2011 @ 6:25 pm by russ.ravary - View Profile
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