Strategies for dealing with the appraisal meeting contract price

Realty Check

By Erica Minchella

Erica Crohn Minchella, is the head of the boutique real estate firm of Minchella & Associates, Ltd., handling residential and commercial real estate transactions and litigation such as foreclosure defense, quiet title, and partition actions. erica@ecminchellalaw.com

Posted April 22, 2021 12:02 PM

Because of the low inventory, real estate purchase offers are exceeding the contract price by tens of thousands of dollars. Even with an agreement on the purchase price, buyers still need their lenders to appraise properties.Appraisals are based on comparables — prices of other like-kind properties within a reasonably small radius. That radius will change based on the number of property sales in the area, as well as the proximity in time for sales of similar properties.The standard rule of thumb is that if a property …

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