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Lynne Knapp, REALTOR®, real estate agent and broker for Fort Lauderdale, Weston and Coral Springs Florida home listings, property and land for sale - NUMBER1EXPERT(tm)
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Real Estate Tips
About Appraisals >Working With Appraisers

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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Real Estate Trivia
Q 
What land did the U.S. Government buy for $7.2 million?

A 
The U.S. bought all of Russian America (Alaska) from the Russian Czar in March 1867.
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Lynne Knapp, REALTOR®, real estate agent and broker for Fort Lauderdale, Weston and Coral Springs Florida home listings, property and land for sale - NUMBER1EXPERT(tm)

Lynne Knapp, Realtor® MDC
ReMax Consultants Realty 1 (Southeast Florida)

1625 SE 17th Street Causeway
Fort Lauderdale, FL 33316
(Builder-Developer Representative)
Cellular: (954) 647-5335
Direct Line: (954) 767-5960
Fax: (954) 525-5133
Email: LynneKnapp@aol.com
Email: LynneKnapp@BestBrowardProperty.com
Email: LynneKnapp@PriceyProperty.com
Email: LynneKnapp@LynneKnapp.com

New Construction, Resale, Relocation Experience for over 18 years, Providing Residential and Commercial Services to Domestic and International Clients. Residential Development Sales Management. Acreage, Condominiums, Lofts, Luxury Estates, Penthouses, Single Family Homes, Townhomes, Villas.

Serving the Gold Coast (Southeast Florida), Broward County
Palm Beach County, Miami-Dade County
Real Estate Home Buying and Selling Needs.

MLSREALTOR



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