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Working With Appraisers
When the buyer and seller come to an agreement on the price of a house, there is one more person who must be convinced that the house is worth the contract price--the mortgage company's appraiser.

The appraiser looks for three similar homes that have sold in the same geo-area within the last six or so months, and compares the sales prices of these homes with the one you are buying. They make adjustments to account for the differences in each home/property, and the price for your house will be the average of the adjusted prices of the other three properties. In subdivisions or condominium projects where there are many similar properties and plenty of recent sales, the appraiser's job is relatively easy. In neighborhoods of older houses that have been renovated or remodeled over the years, it can be like comparing apples and oranges.

If the appraiser's valuation is lower than the selling price, it can threaten the transaction if the lender declines the buyer's loan based on the appraisal. In this case, a knowledgeable Realtor or real estate agent can usually work with the appraiser to make the transaction work.

 
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