What’s involved in the Home Appraisal Process?
Although there are times when a buyer is willing to pay more than the appraised value, it is extremely rare and requires the buyer to pay the difference between the appraised value and the sales price out of pocket in addition to the lenders required down payment.
As a buyer you are entitled to a copy of the appraisal report and that report should be delivered to you no fewer than three (3) days prior to closing. As with any other reports used in connection with your loan application, this information is strictly confidential, although there are certain times when a buyer may want to share that report with the seller. And, in certain loan types such as an FHA loan, that report will follow the property for the next six months, even if the buyers chooses not to buy the home.
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Since relocating from Northern Michigan in 2007 I have lived in Garner (27529) with my wife Melanie and our four children. With personal production of 8MM in real estate sales across Southern Wake County I am considered to be a local market expert in the following communities: Garner (27529), Fuquay-Varina (27526), Holly-Springs (27540), Apex (27502), and Raleigh (27603, 27604, 27606, 27609, 27610)) which spans from downtown Raleigh to Willow Spring including Lake Wheeler. Call or email me, I’m here to help! Ricardo Cobos (919) 526-0183