When counseling buyers and sellers on their Hoboken metro area real estate, I prepare them for what is becoming a somewhat common occurrence…..the low appraisal. That’s a situation where an appraisers estimation of value for a particular property is lower than the accepted offering price. For instance an offer is accepted for $550,000 but the appraisal estimation of value is only $515,000. If the appraisal is too low, buyers may not be able to borrow enough to purchase the property. First of all, I’m a real estate agent, not an appraiser however we deal with appraisals as part of the normal course of our business. Some points to consider that I’ve encountered from over 10 years of buying and selling real estate personally, and professionally: The appraisal is an opinion of value. ...
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