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About Appraisals >Working With Appraisers
After the buyer and seller come to a "meeting of the minds" on the price of a house, there is one more person who must be convinced that the house is worth the selling price--the mortgage company's appraiser.
The appraiser looks for three similar houses that have sold in the same area within the last several months, and compares the selling prices of these homes with the one that is now on the market. The appraiser makes adjustments to account for the differences in each property, and averages the adjusted prices of the other three homes to arrive at a final opinion of value. In subdivisions or condominium projects where there are many similar properties and numerous recent sales, the appraiser's job is relatively easy. In neighborhoods of older homes that have been renovated or remodeled over the years, it can be like comparing apples and oranges.
If the appraiser's evaluation is lower than the selling price, it can stall the transaction because the lender may decline the buyer's loan because of the discrepancy. A real estate agent can work to minimize potential delays associated with the appraisal process by helping the seller to price the home as close to fair market value as possible.
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| Q |
What makes the structure of the Hoover Dam unusual?
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| A |
The Hoover Dam was built to last 2,000 years, and is constructed of concrete that will not be fully cured for another 500 years. |
 See More Real Estate Trivia > |
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Connie Sims-Woelfle
Keller Williams Clients' Choice
509 Scott Ave. Suite 101
Woodland Park, CO 80863
Connie: 719-339-6795
Steve: 719-440-3098
Office: 719-686-9100
Fax: 866-279-5240
conniesims@NUMBER1EXPERT.com
Connie Sims and her husband Steve Woelfle are the premier real estate consultants for the Woodland Park area. They believe that Teller County in the GREAT state of Colorado is the best place in the world to live and raise a family. They would welcome the opportunity to introduce you to the Colorado real estate market, the beautiful surroundings and the outdoor lifestyle that Colorado affords.    
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