Mont Belvieu Texas Real Estate Appraisals

A sales contingency dependent upon appraisal indicates that in the event that the home appraises for less than the agreed price the buyer can withdraw from the sales contract without penalty. I.E.: if a property is under contract for $320,000 and the appraisal comes in at $290,000, then the buyer has the right to cancel the contract and recover any earnest money.

When contrasting other houses to the subject property a house appraiser needs to make adjustments for the differences between the 2 homes. Every attribute of a comparable house is reviewed and may be adjusted positive or negative depending on whether it is inferior or superior to the Subject. This action equalizes the sales prices of all comparables houses when they are compared to the Subject.

The Government Sponsored Enterprises (GSEs) mandate that a home appraiser analyze the sales agreement and a real estate appraiser must declare review of the sales agreement on the appraisal report. An appraiser reviews the conditions of the sales contract and compares them with what is typical in the market. Specific conditions like seller contributions towards the buyer’s mortgage costs could influence the appraised estimate of sales price if outside of what is common in the market. Other details that are studied for verification such as ensuring the buyers and sellers are listed accurately on the contract.