When you’re buying a home for sale in Aspen, you’ll have to pay for an appraiser if you’re taking out a mortgage loan.
The appraiser will come back with a number – a dollar amount – but what does it mean to you?
Here’s what you need to know.
What Does an Appraiser’s Price Mean?
You’ll get a copy of the appraiser’s report from your lender. It’ll state how much the appraiser believes the home is worth on today’s market, given all its features and when compared against other, similar homes in similar or nearby areas.
The appraisal will come in with a figure that’s higher than the home’s sales price or a figure that’s lower. Either way, here’s what you need to know.
A High Appraisal
If the appraiser says the home is worth more than the seller is asking for it, you won’t usually encounter any problems with your lender. The deal will most likely move forward, barring any other issues.
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A Low Appraisal
If the appraiser says the home is worth less than what the seller is asking for it, you could have rough seas ahead. The lender will only want to let you borrow the amount that the home is worth – not a penny more – so if you want to buy a home that’s $400,000, but the appraiser says it’s worth $380,000, you’re responsible for coming up with the additional $20,000.
In some cases, this works out okay. If your offer on the home included an appraisal contingency that says you can walk away from the deal if the appraisal comes in low, you have two options: you can negotiate with the seller or you can walk away from the deal. Of course, you could always come up with the extra cash on your own, too.
Are You Selling a Home in Aspen?
If you’re ready to sell your home in Aspen, Woody Creek, Basalt, Carbondale or Snowmass, we may be able to help you.
Get in touch with us right now to find out how much your home is worth – and discover how we’ll be able to help you sell it quickly and for top dollar.
If you’re also looking for a home for sale in Aspen or a nearby community, check out our:
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