Step 9: APPRAISAL
Since the property is the asset that secures the loan, the buyers lender will require an appraisal which will determine whether or not the house is worth the sales price. Appraisers will pull and review the comparable sales, just as we did for the Comparative Market Analysis.
Because they have a range in which to price the house, the majority of homes appraise at, or slightly above the sales price, as long as the sales price falls within their range.
Keep in mind, appraisers can typically only use SOLD comparables, not the available and under contract comparables we considered when determining the price of your home.
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