How Residential Real Estate is Assessed
You're under contract with a home buyer using a mortgage loan to sell your Gwinnett County, GA Home for Sale , or you're very far along in the process of refinancing your loan with non-refundable funds already paid for an appraisal. But the appraiser's assessment of the property came in lower than the agreed-upon sales price or expected refinance amount. Now the purchase and sale contract is at risk of termination if you cannot reduce the price, the buyer is unwilling or unable to contribute funds to cover the shortfall, or refinancing no longer makes sense. Both scenarios occur regularly and needlessly, and learning some of what's involved in appraising a home will go a long way toward avoiding them. Characteristics that Influence the Value of Real Estate Several economic principles affect owner-occupied residential real estate values. Here are a few Characteristics that typically influence the value of real estate. Characteristics of Proper...