In the Wake County area, we have a very strong seller’s market right now. People pay a lot of money for homes in this type of market. However, the high price that you’re offered for your home doesn’t necessarily mean that is the price you will get.
This is because ultimately, a home has to appraise prior to closing. The appraisal ensures that neither the buyer nor the bank that’s lending money to them is spending too much money on a home.
“Even a cash buyer will typically order an appraisal.”
For example, let’s say a home that’s being sold for $250,000 appraises at $245,000. At this point, the buyer can ask you to reduce your price to the appraised value. They could also go the other way and say that they’ll pay the difference between the two in cash, or split the difference with you in cash.
If none of those options work, the buyer can decide to terminate the deal. It’s important to remember that even though someone may not be using a loan, a cash buyer will typically also order an appraisal to protect their investment.
In the future, we’d love to get your ideas for topics or real estate questions to cover. If you have any questions that you’d like me to answer, don’t hesitate to give me a call or send me an email today. I look forward to hearing from you soon.
