An Ocean Edge condo’s selling price is determined by the seller’s real estate agent after doing his/her research on the condo itself and the price of comparable properties that had recently sold. Your real estate agent did their research when you decided to make the offer on the condo by checking the same stats, and determined a number you both were comfortable with offering. The mortgage lender does their own research to determine how much the home is worth by sending an assessor to find the value of the condo. Your idea of what the Ocean Edge condo is worth and the seller’s idea of what the condo is worth have nothing to do with the amount that the assessor finds the home is worth. The number the assessor comes up with is the only number your lender is concerned with, and will determine your loan. So who does Ocean Edge Brewster condo appraisals and what do they look for? Here is what you can expect when the condominium you are interested in purchasing goes through a home appraisal.
Who’s does Ocean Edge Brewster condo appraisals?
The appraiser is a non biased individual who has the task of determining the value of a piece of property. Not all home appraisers have to be licensed by the state, the law mandates that federally funded lenders only use home appraisers that have their state license to do appraisals for their properties. The majority of home appraisers belong to a national association of appraisers that requires them to act ethically, just as many real estate agents belong to national associations requiring them to act with a high ethical standard. Are the home appraisals always accurate? Typically home evaluations conducted by professional appraisers are pretty accurate. However, the accuracy of the appraisal is only as good as the information that the appraiser has regarding the property. If a home owner is on hand for the appraiser to answer questions, such as age of plumbing or flooring, the appraisal will be more accurate and complete. If the home owner is not available for the appraisal, the appraiser is still trained to make estimated guesses on the questions they are given to assess the property.
What Can Affect the Home Appraisal?
There are a number of factors that go into determining the worth of an Ocean Edge condo. The appraiser is trained to take all of these factors into consideration when coming up with the amount of money the home is worth. The local and national economy, foreclosures in the area along with where the home is located are some of the factors that have nothing to do with the actual property itself. The home is compared with other properties in the area to see how the condo stacks up to them, as well as the overall condition of the home and recent upgrades that have been done to the Ocean Edge home.
What Does the Appraiser Do?
Once the appraiser has gone to the property, they must inspect the condo completely from floor to ceiling, including the exterior. The home appraiser even takes a measurement of the home itself to make sure that they have the most complete information for their Ocean Edge Brewster condo appraisals. The appraiser then takes the assessment to their office to compare it with recently sold properties in the area, along with the other factors such as national and local economy, foreclosures and how this condo compares in condition to other similar properties. The appraiser goes a step further to check to see if there are any plans for development that might affect the home’s worth in the near future (such as a other large building developments coming down the road). All of this information is taken to the lender for them to make their determination. The best case scenario for both the seller and the buyer is that the appraisal comes in at the same price (or close to) as the sale price.
What Could Possibly Go Wrong?
The worst case scenario in regards to Ocean Edge Brewster condo appraisals for everyone involved is if the appraisal comes in below the selling price. At that point, the buyer has four options. The buyer could dispute the appraisal, ask the seller to come down in price, meet the seller half way in the price difference so they are approved for the loan, or the buyer comes up with a bigger down payment to decrease the loan amount. If you choose to dispute the appraisal and you feel it is not true to the home value, work with your real estate agent to find issues with the appraisal report. Double check the comps in the area to make sure that the appraiser did not make a mistake and see if the home’s upgrades are mentioned in the report. If you and your real estate agent feel that you have enough proof that the appraisal was not true to the home, the real estate agent can contact the lender to have a second Ocean Edge appraisal conducted. Typically appraisals are true, but mistakes do happen.
Ocean Edge Brewster Condo Appraisals: What to Expect
A lot goes into buying an Ocean Edge condo once you find the condo of your dreams. Appraisals are just one piece of the puzzle. Make sure you are ahead of the curve and know what to expect when buying your home by checking out our “Top 5 Home Buying Questions – Answered” blog. If you’re uncertain as to what to expect at the closing of your property, see “Hidden Costs of Buying a Home.” The best way to prepare yourself for buying a home is to go into the process knowing what to expect. Take the extra step and hire a real estate agent that is an expert in the area where you are buying property. Michael Leighton has been the #1 Agent at Ocean Edge since 2004 and the #1 Agent in the town of Brewster since 2007. Call Michael and his team today so they can find your dream condo at Ocean Edge.