It is a hard fact for many home sellers that their home is only worth what someone is willing to pay for it. The value of a particular piece of property to a lender is determined by an appraisal.
The appraiser's job is to come up with an unbiased value. The principal tool used in appraising is the use of recently sold comparable properties (or "comps") in the same neighborhood. After inspecting the "comparables," the appraiser then adjusts the value of the house, plus or minus, by evaluating unique values such as the condition of the property, the number of bedrooms and baths, the size of the lot, etc.
Lenders use the appraisal to cap the loan amount and they rarely lend more than the appraised value. If the buyer and seller agree to a price of $200,000 and the appraisal comes in at $180,000, then the buyer will have to come up with the extra $20,000.
Our agents here at Sand Key Realty S & R, Inc. are here to help you with your future. Please give us a call at any one of our three convenient locations: 740 S. Gulfview Blvd., Clearwater Beach, (727-443-0032), 309 Belleview Blvd., Belleair (727-461-4200) or 2701 Gulf Blvd., Indian Rocks Beach (727-595-5441).
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