After the buyer and seller come to a "meeting of the minds" on the price of a house, there is one more person who must be convinced that the house is worth the selling price--the mortgage company's appraiser.

The appraiser looks for three similar houses that have sold in the same area within the last several months, and compares the selling prices of these homes with the one that is now on the market. The appraiser makes adjustments to account for the differences in each property, and averages the adjusted prices of the other three homes to arrive at a final opinion of value. In subdivisions or condominium projects where there are many similar properties and numerous recent sales, the appraiser's job is relatively easy. In neighborhoods of older homes that have been renovated or remodeled over the years, it can be like comparing apples and oranges.

If the appraiser's evaluation is lower than the selling price, it can stall the transaction because the lender may decline the buyer's loan because of the discrepancy. A real estate agent can work to minimize potential delays associated with the appraisal process by helping the seller to price the home as close to fair market value as possible.

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Bill Kemp
RE/MAX Properties, Inc.
1740 Chapel Hills Drive
Colorado Springs, CO. 80920
Phone: 719-590-4708
Fax: 719-598-9308
Email: Bill@KempSells.com

Bill’s priority is to ensure your sale is at the highest possible price or your purchase is at the lowest, in the shortest amount of time, with the least amount of problems. He will keep you informed throughout the process and assist you in determining the Fair Market Value. Bill’s 19 years of experience in negotiating contracts will benefit you whether you are buying or selling. Bill will also update you on market conditions and assist you in determining any changes that may be needed during the selling or buying process.

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