Do you know what an appraisal is? According to Wikipdiea, it is “the process of valuing real property. The value usually sought is the property’s market value”. Why does this matter? I have dealt with two homes in the last month that did not “appraise”, and the Buyers and Sellers seem to be at a loss of what to do. Here is an example:
AGREED UPON CONTRACT PRICE: $100,000
APPRAISAL VALUE: $85,000
Ok, so what does that mean? Mortgage companies will not “lend” more than the value of the home. In this case, the Buyer & Seller will have to agree to:
a) Seller reducing the CONTRACT PRICE to $85,000 OR
b) Buyer paying the difference with a personal loan/cash OR
c) Combination of a & b OR
d) Walk away from the contract leaving the Buyer & Seller frustrated
All of that is extremely confusing & frustrating, so if you have any questions, please call, text or e-mail me.
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STARKVILLE REAL ESTATE UPDATES
ON A PERSONAL NOTE…
I am having trouble realizing that everything happens according to His will. It makes logical sense to me, just not emotional.
Find a mentor. Whether it be in your job, family life or Christian walk, find someone who’s “been there…done that”.
Eat at the Supper Table three times this week.
How may I pray for you today?