TripleCord Real Estate  Boise ID
  • Home
  • MLS Search
  • Communities
  • Sellers
  • Buyers
  • Foreclosures
  • About Us
  • Blog
  • Contact Us
Login
208-861-5639

Sign in to your account

Need to reset your phone number?

Don't have an account with us?

Click here to sign up.

Search Boise Area Homes for Sale

TO
Advanced Search

Address Search

The Appraisal

If the buyer is getting financing, the lender usually requires the property to be appraised.  The appraisal typically takes place after the inspection contingency has been removed and the buyer has chosen to move forward with the purchase. Under today's loan guidelines, the appraisal must be ordered through a third party company.  Thus, the mortgage lender does not control who is assigned to do the appraisal.The Appraisal

As a seller, you will want to make sure your home is clean and show ready on appraisal day.  Although the appraiser is not purchasing the house and can often look beyond clutter, a clean home can go a long way to increasing perceived value.

As a buyer who is obtaining mortgage financing, the home will serve as the collateral for your loan.  The purpose of the appraisal is to show the lender that the home has appropriate value to cover the amount being borrowed.  In order to obtain the financing you have been preapproved for, the home must appraise at or above the offer price.  If it does not, the buyers and sellers must choose from the following options:

  1. The parties to the transaction may decide to terminate the contract.

  2. The buyer can choose to pay cash to cover the difference between the offer price and the appraised price.  This practice is rather uncommon since buyers may not have the cash available or may be leery of paying more for the house then the appraised value.

  3. If the parties to the transaction feel the appraised value is inaccurate, they may choose to appeal to the appraiser or pay for a second appraisal.   Remember, there is no gaurantee that a second appraisal will arrive at a value any great than the first.

  4. The most common outcome is to adjust the sales price down to the appraised value.  Appraised values given by different companies are often very similar.  Thus, it can be better for the seller to just accept the reduction and proceed forward with ready and able buyer than to cancel the contract only to run into the same situation when the next buyer comes along.

 

 

BUYERS GUIDE:  PREVIOUS |  NEXT        SELLERS GUIDE:  PREVIOUS  |  NEXT

Like or Share
Loading likes...

Address Search

Meet Our Agents

Meet Our Agents

"We couldn't be more impressed by the dedicated, professional, custom-tailored services we received from TripleCord Real Estate when we decided it was time to sell our home and buy a new home." ~The Stichkas  

Read more testimonials HERE!

 

 

Boise Communities

  • About Boise
  • 0550 - SW Boise
  • 0100 - North Boise
  • 0600 - West Boise
  • 0200 - NE Boise
  • 0650 - W Boise-Mer
  • 0300 - SE Boise
  • 0700 - Garden City
  • 0400 - Boise Bench
  • 0800 - NW Boise
  • 0500 - South Boise

Meridian Communities

  • About Meridian
  • 1020 - NE Meridian
  • 1000 - SE Meridian
  • 1030 - NW Meridian
  • 1010 - SW Meridian

Other Local Communities

  • Eagle
  • Nampa
  • Star
  • Caldwell
  • Kuna
  • East Boise County
  • Middleton

Other Helpful Links

  • IMLS Area Map & Information
  • Guide to Buying a Home
  • Guide to Selling a Home
  • Homeowner Resources
  • Utility & Quick Reference Phone Guide
  • Demographics & Area Information Links
  • Recommended Providers
  • TripleCord and Our Agents
  • Local Boise Area Events
  • Home
  • MLS Search
  • Communitites
  • Sellers
  • Buyers
  • Foreclosures
  • Blog
  • About Us
  • Contact Us

TripleCord Real Estate LLC                

3635 S Weathered Ave.
Boise, ID  83706
P: 208-861-5639   
© 2020 - All Rights Reserved
 
 
 
IDX Real Estate Websites by
• Accessibility • Terms • Privacy