Most Shreveport Bossier City real estate lenders require an appraisal as part of their loan package. The type of loan and
loan program
you apply for will determine which type of appraisal you will need. For example if you are applying for a conventional loan, you will need a conventional appraisal. An FHA loan requires an FHA appraisal, VA loan a VA appraisal etc. In some situations buyers with good credit scores may pre-qualify for a more streamlined loan process that doesn't' require an appraisal at all. Your credit history and type of loan program will help determine if your loan application can be completed without an appraisal. This usually but not always applies to experience buyers rather than
first time home buyers.
The appraisal often plays a key role in writing the contract or offer to purchase. Usually but not always there is a clause in the contract that refers to the appraised value. This clause states the appraised value must meet the contract price or offer to purchase price, if not the purchaser is not required to proceed with the sale.
The appraisal also guarantees the lender the property they are about to make a loan on meets their criteria for security. Each type of loan has different requirements from the potential lender. The buyers credit worthiness and financial capability can play a role also.
MAIN OFFICE® Shreveport Bossier City real estate agent professionals have helped many buyers and sellers get through the appraisal process. Often negotiations are necessary when an appraiser finds repairs or improvements necessary to insure the property meets the lenders standards for security.
In the unusual market we find ourselves in appraisals are sometimes coming in under the agreed upon contract price. This can cause hard feelings between a buyer and seller and stop the sale if accurate information is not conveyed to both parties.
Call a MAIN OFFICE® real estate professional, they have a unique understanding of just how these situations occur and how to proceed when they do. We'll be there when you're ready.
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