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Today’s topic is more technical than the usual real estate chatter: appraisals. We’ll explain what they are and how they impact the value of a home you’re planning to buy or sell. Appraisals play an important role in a real estate transaction because unless the home is being paid for all in cash, the transaction can’t happen without an appraisal. Understanding the appraisal process is key to getting the best deal possible for yourself.
Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch it in its entirety, or use these timestamps to browse specific points at your leisure:
0:39—Introduction to today’s topic
0:55—Why appraisals exist and what role they play in a transaction
2:17—Why they essentially function as a cooling effect on home values
2:55—Low appraisals and appraisal waivers
4:54—Selling and buying while respecting (instead of worrying about) appraisals
6:04—Wrapping things up
As always, if you have questions about this or any real estate topic or are thinking of buying or selling a home soon, don’t hesitate to reach out to us. We’re here to help.
