Newport Beach Real Estate – The Truth About Appraisals

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One of the main problems of people whenever they are trying to buy or sell a property is the appraisal of the property that they want to buy or sell. It could even cause more problems if you are not aware of what appraisal really means, and this is what we will be discussing today

For more information on Newport Beach real estate please visit my site at http://www.GabeColeRealEstate.com/

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Newport Beach Real Estate – The Truth About Appraisals

  1. 1. Brought to you by :www.GabeColeRealEstate.com
  2. 2. Newport Beach Real Estate – The Truth About Appraisals One of the main problems of people whenever theyare trying to buy or sell a property is the appraisalof the property that they want to buy or sell.It could even cause more problems if you are notaware of what appraisal really means, and this iswhat we will be discussing today www.GabeColeRealEstate.com
  3. 3. Newport Beach Real Estate – The Truth About Appraisals Newport Beach real estate is a very complexindustry, so you need to be aware of at least thebasic things that you need to know about it.Normally, an appraiser is a person who was sentby a lender to determine the value of the property. www.GabeColeRealEstate.com
  4. 4. Newport Beach Real Estate – The Truth About Appraisals This is their step to help them avoid fraudtransactions wherein a person would take a$100,000 loan for a property that is only worth$60,000.The appraiser will serve as the third look at theproperty in order to provide an estimate of thevalue of the property, and be able to release fundsthat is enough for it. www.GabeColeRealEstate.com
  5. 5. Newport Beach Real Estate – The Truth About Appraisals The problem with most people is they think that anappraisal means the real value of theproperty, which is definitely not true.In fact, the value of the property that you want tobuy depends on the negotiation between you andthe seller. www.GabeColeRealEstate.com
  6. 6. Newport Beach Real Estate – The Truth About Appraisals You may think that the price of a property is worth$100,000, but selling it for only $80,000 is notimpossible, especially if the terms would bebeneficial for you.Whenever you have already closed a deal with theseller – say $100,000 – and the appraiser estimatedthe value of the property to be only around $80,000,there are two steps that you can take. www.GabeColeRealEstate.com
  7. 7. Newport Beach Real Estate – The Truth About Appraisals Either you talk to the lender and explain yoursituation, or leave them as it is and simply coverthe difference of $20,000.Since the deal with the seller is alreadyclosed, talking to him and saying that the appraisalwas only $80,000 won’t be advisable for you. www.GabeColeRealEstate.com
  8. 8. Newport Beach Real Estate – The Truth About Appraisals The only thing that you need to understand is thatan appraisal is still an estimate of the value of theNewport Beach real estate property.It doesn’t have anything to do with the real value. www.GabeColeRealEstate.com
  9. 9. Newport Beach Real Estate – The Truth About Appraisals Most people would simply cancel a transactionbecause the appraisal was lower than what theyhave agreed, and this could be a problem for bothyou and the seller.So to make it easier for you to understand,appraisal is very important for the lender, but itdoesn’t have anything to do with your negotiationwith the seller. www.GabeColeRealEstate.com
  10. 10. Newport Beach Real Estate – The Truth About Appraisals It would be better if you have a Newport Beachreal estate agent with you because they can provideyou with a more personal advice on how you canget over the dilemma of a low appraise.Some would say that it would be better to look foranother lender, but my advice for you is to getsomeone who has real knowledge with thesituation that you are in. www.GabeColeRealEstate.com
  11. 11. Newport Beach Real Estate – The Truth About Appraisals If you want to find more information on theNewport Beach real estate, it would be better ifyou are going to visit our website now!We can provide you with all the answers to yourinquiries to Newport Beach real estate and you canbe assured that we will help you get the best realestate Newport Beach. www.GabeColeRealEstate.com
  12. 12. Brought to you by :www.GabeColeRealEstate.com

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