Word of the Day: appraisal 💰!
“Appraisals are used in many types of transactions, including real estate. If a home valuation, for example, comes in below the amount of the purchase price, mortgage lenders are likely to decline to fund the deal. Unless the prospective buyer is willing and able to come up with the difference between the appraised value and the lender’s financing offer, the transaction will not go forward.
The appraiser can use any number of valuation methods to determine the appropriate value of an item or property, including comparing the current market value of similar properties or objects.”
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👨🏻💻 Ruben Rodriguez
📞 619.261.9814
◼️ Coldwell Banker West | CAL BRE# 01337209
💻 Ruben@RubenR.com
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