How to Buy “Real Estate in Seattle” Part 12- Appraisal
An appraisal is when the bank sends out person hired by the bank to ensure that the house you are trying to buy is worth what you’re paying. An appraisal will use comparable properties that have sold in the area (generally within a half mile to a mile radius of the house), and that have sold in the recent past (generally the last 6 months). They take into account the sqft, condition, and location of the home. Sometimes the appraisal might even come back with a higher value than what you are paying. If that’s the case, you’ve got yourself a great deal! If for some reason the appraisal comes in under the value that you are paying, you have 2 options. What the video to see what they are.
Make sure you don’t miss Part 13 – completing your “Seattle House” final walkthrough.
