You found your dream house, got the financing covered - and now you are worried about the appraisal? With the right preparation, you don't need to be!
The appraisal is an important part of the home buying process. But there are a few different variables that buyers should be aware of!
Who pays for it: You as buyer pay for the appraisal. Appraisals are required by the bank, who wants to certify that the house is valued at least at the value they are lending. Some lenders require payment at the time of the appraisal, and others at the time of closing.
What the house must appraise for to get financing: The value of the house is a security for the bank, so the house has to appraise for its value. If the house doesn't appraise, the seller might typically go down with the price and meet somewhere in the middle, or commission a second appraisal.
How addendums can make or break the deal: Addendums can increase your cost to close/cash required at closing. Experienced agents will write these to protect sellers or buyers, so it's important that you are represented by a great agent!
Watch our video for the full scoop!
Our experienced real estate agents would love to support you when it comes to buying or selling your home in Snohomish county!