The next (and close to final) step in the process for a seller is the appraisal. In the State of Maine the appraisal process is quite regulated and consequently pretty standard across the board. A buyer's lender will hire an appraiser to visit the property to make sure the amount being mortgaged is equivalent or below the current value of the home. If the loan amount for the buyer is $250,000, the house must be worth at least $250,000. As a seller, you should already have a pretty good idea of your home's worth from your initial meeting with your agent. The agent would have given you his/her opinion of the home's value based upon other similar homes that have sold in the past 6 months - the comps. Essentially, an appraiser will do the same, so it is merely your job to make sure the home shows well for the appraisers viewing.
It can take some time for an appraiser to get the appraisal back to the buyers, so patience is a virtue for this step! Once the appraisal is in, most sellers can be confident the transaction will close. So... start packing!
At our house the appraisal came in within just a few days, so the wait was not as torturous. The value was adequate, and so the packing began! Fortunately, the buyers had given us quite a bit of time, so room by room we go!
It can take some time for an appraiser to get the appraisal back to the buyers, so patience is a virtue for this step! Once the appraisal is in, most sellers can be confident the transaction will close. So... start packing!
At our house the appraisal came in within just a few days, so the wait was not as torturous. The value was adequate, and so the packing began! Fortunately, the buyers had given us quite a bit of time, so room by room we go!
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