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Real Estate Tips
About Appraisals >Lender Appraisal

Many sellers think that the price of their home is determined solely by what they are willing to accept and what the buyer is willing to pay. However, there is one more variable that can affect the sale of a home assuming that a bank loan is involved -- the lender's appraisal.

To protect the interest of their investors, the buyer's mortgage lender hires a licensed appraiser to give an independent, objective opinion of what the property is worth. The appraiser compares the house with similar homes in the neighborhood that have recently sold. Square footage, amenities and the condition of the home are taken into account. Renovations and home improvements made by the seller usually add value to the home, while defects such as needed repairs or code violations decrease the property's value. The seller's real estate agent can provide the appraiser with up-to-date information about neighboring homes that have sold to support the seller's asking price.

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Real Estate Trivia
Q 
What was a sure way to accumulate wealth through the 1970s and early 1980s?

A 
Many people made their fortunes in real estate during this period.
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Brady Palmer, REALTOR®, real estate agent and broker for Augusta, Mid Coast, Central Maine and Brunswick, Maine home listings, property and land for sale - NUMBER1EXPERT

Brady Palmer
Brady Palmer Real Estate

122 Brunswick Ave
Gardiner, ME 04345
207-582-0800
Fax: 207-582-0808
bradypalmer@NUMBER1EXPERT.com


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