Welcome to the BuyOrSellDenverHomes.com Blog

2019-08-29 08:17:08
Don't Pay More Than What It's Worth

article-content

It’s finally happened — after months of searching, you’ve found your dream home. It’s the perfect size for your growing family, the kitchen was just remodeled and there’s a huge deck for entertaining. And best of all, the seller accepted your offer! 

As we near your closing date, your lender will want to verify the home’s value with an appraisal. This might sound nerve-wracking, but don’t worry: Appraisals protect you from overpaying.

Let’s dive into appraisals to demystify the process: 

When do you need an appraisal?
If you’re taking out a mortgage to buy a new home, the lender will require an appraisal. The appraiser gives an independent estimate of the property based on recent sales data of similar homes

When your mortgage amount matches the appraised price of the home, you know that you have a good loan-to-value ratio — and aren’t paying more than you should be.

What does an appraiser look for?
An appraiser will physically measure the home’s square footage and visually inspect the entire property. They’ll note things like:

  • Floor plan functionality and the number of bedrooms and bathrooms
  • Age of the house and its overall appearance
  • Value of any recent updates or remodeling
  • Size of the lot
  • Desirability of the surrounding neighborhood

Comparing all of that against similar nearby homes sold within the last 90 days, the appraiser arrives at your home’s value.

What if it’s valued for less than you expected?
Let’s say you agreed to buy the property for $250,000 but the appraisal came in at $225,000. Your lender won’t approve a loan for more than the appraised price. 

If you still want to buy the home, we can negotiate a lower price with the seller or challenge the appraisal and pay for a second opinion. 

Another option is to walk away. This may not sound ideal, and it will probably be hard to do. But our goal is to get you the right home at the best price. 

If an appraisal comes in low, we’ll discuss all the options available to make sure you don’t overpay.

Are you ready to find your dream home? Reach out today to get started. 

 
Blog Archive
2019-09-12 09:49:18
Download Your Buying Guide Today

2019-08-29 08:17:08
Don't Pay More Than What It's Worth

2019-08-15 10:31:00
Home Financing Is Easier Than You Think

2019-08-08 12:34:52
Troy Warrick talks about the current market conditions in the Denver Metro area

2019-07-25 09:37:52
3 Ways an Inspection Helps You Sell

2019-07-11 09:24:02
Buying With Friends Isn't Like Renting

2019-06-27 09:51:30
DIY Doesn't Mean Doing It All Yourself

2019-06-13 10:17:12
Don't Get Blindsided by Closing Costs

2019-05-30 08:41:27
Don't need it? Then don't pay for it.

2019-05-16 08:55:43
Do's and Don'ts of Presale Home Repairs

2019-04-25 11:02:17
Have you checked out the neighborhood?

2019-04-23 11:00:53
Does selling your home online to Open Door or Zillow Offers really work?

2019-04-11 09:25:38
It's not TV. It's your bottom line.

2019-03-28 08:35:23
3 Questions Every Homebuyer Should Ask

2019-03-14 09:09:23
Make Buyers Feel at Home and Sell Faster

2019-02-28 09:25:50
Troy Discusses 2019 Market Forecast

2019-02-28 09:21:48
How can a tax refund lower your interest rate?

2019-02-14 09:28:29
What you need to know about the spring housing market

2019-01-31 08:35:24
How practical is smart tech for you?

2019-01-17 09:27:55
Are you ready for the top hues of 2019?

2018-12-27 11:52:15
Troy Discusses Foreign Real Estate Investing

2018-12-27 11:48:06
What you need to prepare for your first house

2018-11-29 08:57:43
Understanding What Comes With the Home

2018-11-15 13:07:14
You can compete with all-cash offers. Here's how.

2018-11-08 12:08:45
Troy talks about the real estate market and giving back

Click here to see ALL articles.


Comment on this Article

Your Name:
Your Email:
Comments:
Verify:  Please enter the numbers shown to help eliminate spam.

Troy believes in giving back to the community

© ProAgentWebsites.com |  Terms & Conditions |  Privacy Policy |  Fair Housing
  1. This publication is designed to provide information with regard to the subject matter covered. It is displayed with the understanding that the publisher and authors are not engaged in rendering real estate, legal, accounting, tax, or other professional services and that the publisher and authors are not offering such advice in this publication. If real estate, legal, or other expert assistance is required, the services of a competent, professional person should be sought.
  2. The information contained in this publication is subject to change without notice. METROLIST, INC., DBA RECOLORADO MAKES NO WARRANTY OF ANY KIND WITH REGARD TO THIS MATERIAL, INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. METROLIST, INC., DBA RECOLORADO SHALL NOT BE LIABLE FOR ERRORS CONTAINED HEREIN OR FOR ANY DAMAGES IN CONNECTION WITH THE FURNISHING, PERFORMANCE, OR USE OF THIS MATERIAL.
  3. PUBLISHER'S NOTICE:
    All real estate advertised herein is subject to the Federal Fair Housing Act and the Colorado Fair Housing Act, which Acts make it illegal to make or publish any advertisement that indicates any preference, limitation, or discrimination based on race, color, religion, sex, handicap, familial status, or national origin.
  4. METROLIST, INC., DBA RECOLORADO will not knowingly accept any advertising for real estate that is in violation of the law. All persons are hereby informed that all dwellings advertised are available on an equal opportunity basis.



    © 2014 METROLIST, INC., DBA RECOLORADO® - All Rights Reserved
    6455 S. Yosemite St., Suite 500
    Greenwood Village, CO 80111 USA
  5. ALL RIGHTS RESERVED WORLDWIDE. No part of this publication may be reproduced, adapted, translated, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the publisher. The information contained herein including but not limited to all text, photographs, digital images, virtual tours, may be seeded and monitored for protection and tracking.