How do appraisals help homeowners?

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Rainmaker
1,617,916

Harry F. D'Elia III

WEDO Real Estate and Beyond, LLC - Phoenix, AZ

Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

justify selling price

Apr 19, 2017 08:23 PM

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2

Tony and Suzanne Marri...

Scottsdale, AZ
Debe Maxwell, CRS

Charlotte, NC

Ambassador
5,254,045

Debe Maxwell, CRS

Savvy + Company (704) 491-3310 - Charlotte, NC

The RIGHT CHARLOTTE REALTOR!

Homeowners? To set the sales price, primarily.

Apr 19, 2017 08:24 PM

Upvote

1

Ron and Alexandra Seigel

Carpinteria, CA

Rainmaker
5,583,328

Barbara Todaro

RE/MAX Executive Realty - Happily Retired - Franklin, MA

Previously Affiliated with The Todaro Team

If they have an appraisal BEFORE they list, they may be of great help to verify the figures to be given by the agents who will be called in....

other than that, the appraisal is done for the bank to make sure the property is worth the sale price on the agreement.... the bank doesn't want to own it in the future!!

Apr 20, 2017 09:10 AM

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Rainmaker
1,506,013

Ryan Huggins - Thousand Oaks, CA

https://HugginsHomes.com - Thousand Oaks, CA

Residential Real Estate and Investment Properties

They don't. They help banks.

Apr 20, 2017 09:09 AM

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Rainmaker
809,258

Kasey & John Boles

Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID

Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

They help buyers get a mortgage so the homeowner can sell their home. Or they help the homeowner know value to refinance. Or they help the homeowner to show value to drop mortgage insurance. Or they help a homeowner price their home for sale. Or they help the homeowner to show value to get a home equity line on their home. -Kasey

Apr 20, 2017 07:30 AM

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Rainmaker
1,157,791

FN LN

Toronto, ON

It depends on the situation.

Apr 20, 2017 07:26 AM

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Rainmaker
2,784,566

Richie Alan Naggar

people first...then business Ran Right Realty - Riverside, CA

agent & author

They help the lender control their risk & downside plus reel sellers in

Apr 20, 2017 07:06 AM

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Rainmaker
2,191,798

Michael J. Perry

KW Elite - Lancaster, PA

Lancaster, PA Relo Specialist

They can defend a Seller's Asking Price

Apr 20, 2017 06:55 AM

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Rainmaker
1,466,257

Michael Setunsky

Woodbridge, VA

Your Commercial Real Estate Link to Northern VA

Appraisals don't help homeowners other than establishing a price in which the lender will give a mortgage to a buyer.

Apr 20, 2017 06:36 AM

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Rainmaker
4,800,132

Gabe Sanders

Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL

Stuart Florida Real Estate

They don't really help or hurt homeowners, but are a way to establish a market value.

Apr 20, 2017 06:12 AM

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Rainmaker
921,504

Annette Lawrence , Palm Harbor, FL 727-420-4041

ReMax Realtec Group - Palm Harbor, FL

Making FLORIDA Real Estate EZ

Identifies obstacles that may lay ahead.

The biggie is make sure the bank is not the 'sold price' negotiator.

Apr 20, 2017 05:51 AM

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Rainmaker
4,960,530

Will Hamm

Hamm Homes - Aurora, CO

"Where There's a Will, There's a Way!"

At least you know the true value of your biggest asset.

Apr 20, 2017 05:50 AM

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Rainmaker
3,071,489

Tony and Suzanne Marriott, Associate Brokers

Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ

Haven Express @ Keller Williams Arizona Realty

Harry F. D'Elia nailed this one!

Apr 20, 2017 04:23 AM

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Rainmaker
5,112,471

Nina Hollander, Broker

Coldwell Banker Realty - Charlotte, NC

Your Greater Charlotte Realtor

They might help justify an asking price.

Apr 20, 2017 04:18 AM

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Rainmaker
4,434,177

Gita Bantwal

RE/MAX Centre Realtors - Warwick, PA

REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

depends

Apr 20, 2017 03:42 AM

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Rainmaker
4,319,773

Praful Thakkar

LAER Realty Partners - Burlington, MA

Metro Boston Homes For Sale

To secure mortgage. Most of the buyers do borrow money from lenders.

Apr 19, 2017 10:41 PM

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Rainer
321,564

Melissa Jackson REALTOR

Trinity Premier Properties - Azle, TX

Helping You Make The Right Move

All the answers I planned to offer have been stated.

Apr 19, 2017 09:45 PM

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Rainmaker
5,772,587

Ron and Alexandra Seigel

Napa Consultants - Carpinteria, CA

Luxury Real Estate Branding, Marketing & Strategy

You have great answers here.

Apr 19, 2017 09:42 PM

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Ambassador
6,418,126

Bob Crane

Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI

Forestland Experts! 715-204-9671

Indicate that there is enough value to justify the loan.

Apr 19, 2017 09:38 PM

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Rainmaker
4,176,540

John Pusa

Glendale, CA

An interesting question.

Apr 19, 2017 08:55 PM

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Rainmaker
3,988,013

Debbie Reynolds, C21 Platinum Properties

Platinum Properties- (931)771-9070 - Clarksville, TN

The Dedicated Clarksville TN Realtor-(931)320-6730

In some ways it helps keep a buyer from overpaying if the contract is written with an appraisal contingency.

Apr 19, 2017 07:34 PM

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Rainmaker
1,712,776

Joe Pryor

The Virtual Real Estate Team - Oklahoma City, OK

REALTOR® - Oklahoma Investment Properties

It's a part of an important process.

Apr 19, 2017 06:09 PM

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Rainmaker
1,241,754

Sam Shueh

(408) 425-1601 - San Jose, CA

mba, cdpe, reopro, pe

It used to be the home sellers justify the price based on appraisal often more than one.

These days the sellers have unrealistic expectation sky is the entry point.

They think they contral the price.

Apr 19, 2017 05:56 PM

Upvote

Ambassador
3,349,404

Kathleen Daniels, Probate & Trust Specialist

KD Realty - 408.972.1822 - San Jose, CA

Probate Real Estate Services

Refinancing is one way. Otherwise, they are used as a lending tool.

Apr 19, 2017 05:51 PM

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Ambassador
2,684,569

Fred Griffin Florida Real Estate

Fred Griffin Real Estate - Tallahassee, FL

Licensed Florida Real Estate Broker

No.

Apr 19, 2017 05:23 PM

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Rainmaker
1,553,341

Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets

Big Block Realty 858.232.8722 - La Jolla, CA

CEO of Vision Drive Realty - Coastal San Diego

Values.

Apr 19, 2017 05:15 PM

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Rainmaker
3,416,038

Scott Godzyk

Godzyk Real Estate Services - Manchester, NH

One of the Manchester NH's area Leading Agents

For a seller it tells you what the property is worth to sell it at or near. For buyers, it insures you are not paying over market value. For banks, they want loan more than the home is worth.

Apr 19, 2017 05:07 PM

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Rainmaker
7,863,469

Roy Kelley

Retired - Gaithersburg, MD

Hopefully, they provide accurate evaluations.

Apr 19, 2017 05:05 PM

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Rainer
420,003

Caroline Gerardo

Licensed in 20 states - Newport Beach, CA

C. G. Barbeau the Loan Lady nmls 324982

Demonstrates what other similar houses have sold for in last 90 days. Is not a guarantee or promise. A market opinion

Apr 19, 2017 04:42 PM

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Rainmaker
5,239,029

Wayne Martin

Wayne M Martin - Chicago, IL

Real Estate Broker - Retired

Verifies loan amount request! Then again...

Apr 19, 2017 04:19 PM

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Rainmaker
3,986,308

William Feela

WHISPERING PINES REALTY - North Branch, MN

Realtor, Whispering Pines Realty 651-674-5999 No.

Shows true value

Apr 19, 2017 04:05 PM

Upvote

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If they have an appraisal BEFORE they list, they may be of great help to verify the figures to be given by the agents who will be called in....

other than that, the appraisal is done for the bank to make sure the property is worth the sale price on the agreement.... the bank doesn't want to own it in the future!!
They help buyers get a mortgage so the homeowner can sell their home. Or they help the homeowner know value to refinance. Or they help the homeowner to show value to drop mortgage insurance. Or they help a homeowner price their home for sale. Or they help the homeowner to show value to get a home equity line on their home. -Kasey
They help the lender control their risk & downside plus reel sellers in
Appraisals don't help homeowners other than establishing a price in which the lender will give a mortgage to a buyer.
They don't really help or hurt homeowners, but are a way to establish a market value.
Identifies obstacles that may lay ahead.

The biggie is make sure the bank is not the 'sold price' negotiator.
To secure mortgage. Most of the buyers do borrow money from lenders.
In some ways it helps keep a buyer from overpaying if the contract is written with an appraisal contingency.
It used to be the home sellers justify the price based on appraisal often more than one.

These days the sellers have unrealistic expectation sky is the entry point.

They think they contral the price.
Refinancing is one way. Otherwise, they are used as a lending tool.
For a seller it tells you what the property is worth to sell it at or near. For buyers, it insures you are not paying over market value. For banks, they want loan more than the home is worth.
Demonstrates what other similar houses have sold for in last 90 days. Is not a guarantee or promise. A market opinion