Will That Lehigh Valley Home Sale Appraise?

So, the Lehigh Valley Home Seller gets the price they asked for but can the price be justified. If a mortgage is being obtained to purchase the house, an appraisal will be required as part of the purchase. Do the comparable sold properties support the price?

When a home seller decides to sell their house, it is typical to get a real estate agent to do a CMA or Comparable Market Analysis on the house to determine a price range for the listing price. A CMA is not an appraisal but both use available, under agreement, and sold comparable properties to determine the price being paid for a home.

To be safe, a home seller should have at least 3-5 SOLD "comparable" properties that justify the price on their house.

Now, on the other end, there is a buyer interested in purchasing the property. Before making the offer, the buyer should have their real estate agent provide comparable properties to determine a correct offering price.

So, with this in mind, the home seller and the home buyer should be armed with comparable properties if any questions come into play about the price. 

If Seller's Assist is needed for the Buyer's closing costs and appraisal problems occur it can cause a major problem. If the house appraises for more than the seller is getting but less than is needed to include the Seller's Assist, the seller may not be willing to accept less money to cover the buyer's closing costs. The buyer may not be able to obtain the difference.

Each situation is unique but in a market in which some areas are flat, some are increasing and others are decreasing the agents and the home buyer and home seller should be aware of the current market conditions and price the house accordingly.