Author: Scott B

Why Would Someone Get A House Appraised?

Home appraisals are required for mortgage approvals, refinancing, and home equity loans, with homeowners ordering them for nine primary reasons: buying or selling property, refinancing mortgages, bankruptcy proceedings, insurance claims, divorce settlements, bail bond collateral, PMI removal, and property tax appeals. A professional home appraisal conducted by a certified appraiser evaluates location, condition, size, and […]

How Does A Home Appraisal Influence The Selling Price?

A home appraisal directly impacts a property’s selling price by providing an unbiased professional valuation that influences negotiations, financing approval, and market confidence. When appraisals come in higher than the listing price, buyers gain instant equity and sellers can justify their asking price, while low appraisals may require price reductions, larger down payments, or deal […]

How Much Does A Home Appraisal Cost In New York State?

A home appraisal in New York State costs approximately $625 for single-family homes, though prices vary based on property type, size, and complexity. Traditional appraisals involving physical inspections are the most common and lender-accepted type, while desktop, drive-by, and hybrid appraisals offer alternatives at different price points. The buyer typically pays for the appraisal as […]

How Soon After A Home Inspection Is A Home Appraisal?

A home appraisal typically occurs 1-2 weeks after the home inspection is completed. This timeline can vary based on lender processing speed, appraiser availability, and market conditions. Key Timeline Facts: Why This Order Matters: Critical Information for Buyers: The home inspection evaluates the property’s physical condition, while the appraisal determines its market value for lending […]

How Do You Prepare For A Home Appraisal Effectively?

To prepare for a home appraisal, gather essential documents (property deed, tax bills, improvement receipts), make minor repairs, clean and declutter your home, improve curb appeal, and ensure all areas are accessible to the appraiser. The appraisal typically takes 30-45 minutes and costs $300-$450. Essential Preparation Steps: Key Facts About Home Appraisals: What Appraisers Evaluate: […]

What If Your Home Appraisal Comes In Too High Or Too Low?

When a home appraisal doesn’t match the offer price, buyers have four main options: (1) pay the difference out of pocket, (2) negotiate with the seller to lower the price, (3) challenge the appraisal with additional data, or (4) walk away using an appraisal contingency. Lenders will only finance based on the lower of the […]

When Can A Mortgage Close After The Home Appraisal?

The time from home appraisal to closing typically takes 30-45 days in a smooth transaction. However, if the appraisal reveals issues requiring repairs or comes in lower than the purchase price, delays can extend this timeline. The fastest possible closing can happen in 24 hours after appraisal (if everything is ready), but 3-5 days is […]

Importance Of Due Diligence In Commercial Real Estate Transactions

Due diligence in NYC commercial real estate transactions is a comprehensive evaluation process that typically spans 30-60 days and includes three critical components: physical property inspection, financial analysis, and legal review. This investigative period allows buyers to verify property conditions, assess financial performance, and ensure regulatory compliance before finalizing purchases that often exceed millions of […]

How To Negotiate Real Estate Price

House price negotiation is the process of discussing and adjusting the asking price and terms when buying a home, which is not only possible but often expected in real estate transactions. Most sellers set asking prices with room for negotiation, and buyers can save thousands by using proven strategies to secure better deals on purchase […]