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Buyers: Appraisals
Manage episode 461599699 series 3625922
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Summary
In this conversation, Ben and Clint delve into the intricacies of appraisals in real estate, discussing their significance in the lending process, the challenges that arise, and the emotional dynamics involved in negotiations. They explore how appraisals affect buyers and sellers, particularly in foreclosure situations, and the specific processes in place for challenging appraisals, especially for VA loans. The discussion emphasizes the importance of understanding appraisals as professional opinions of value and the role of agents in navigating the emotional landscape of real estate transactions.
Takeaways
· The appraisal is a function of the lending process.
· Sellers often worry about leaving money on the table, but appraisals are not a direct reflection of market value.
· Appraisals can come in below, at, or above the sales price, affecting negotiations.
· The lender owns the appraisal, but the buyer pays for it and has the right to a copy.
· In FHA loans, appraisals stay with the property for six months, impacting future sales.
· Appraisals serve as professional opinions of value, not definitive statements.
· Foreclosures often sell for less due to their condition, impacting appraisals.
· Agents play a crucial role in calming emotions during appraisal negotiations.
· The VA appraisal process includes specific steps for challenging appraisals.
· Understanding the appraisal process is essential for both buyers and sellers.
Sound Bites
"You're not leaving any money on the table."
"The lender requires it, the buyer pays for it."
"We try to fix more of them than we don't."
Click here to view the episode transcript.
Chapters
00:00 Teaser
00:13 Intro
00:27 Understanding Appraisals: The Basics
03:07 The Role of Lenders in Appraisals
05:39 Appraisal Ownership and Rights
08:28 Challenges and Discrepancies in Appraisals
11:15 Appraisals: Risk Mitigation for Foreclosure
14:16 Navigating VA and FHA Appraisals
16:40 Emotional Dynamics in Real Estate Transactions
20:14 Disclaimer
Hosts
Ben Harang, REALTOR®
La. License #: 36589
Keller Williams Realty Bayou Partners
Mobile: 985.859.2500
Office: 985.262.4400
benharang.com
Clint C. Galliano, REALTOR®
La. License #: 995704723
Keller Williams Realty Bayou Partners
Mobile: 985.647.4479
Office: 985.262.4400
clintcgallianorealtor.com
Produced by Clint Galliano
Music by Wiggins Studios
Video Version
Click here to watch a video of this episode.
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