In a previous post about the importance of appraisals, I mentioned that no matter what the Seller wants or what the Buyer wants, it’s really what amount the bank is willing to lend.  Credit standards are tighter so the individual requirements for obtaining a mortgage are tighter. However, no matter how well qualified a particular home buyer may be the bank will not lend more money that an objective appraisal says the home is worth.

Recently, a client decided to obtain an appraisal for their home.  Yes, they were shocked that the number that came back from the appraisal wasn’t as high as they wanted.  Yes. It would have been nice if it was higher. Yes. They want to sell their home so they adjusted the price to the appraised value.

Now, I’m sure the house will see a lot more visitors and probably get a decent offer.

The end result will be happy Sellers who have sold their home.