Congratulations! You have a contract on your house, at or near your asking price, and your buyer is in the midst of the mortgage approval process. The deal is not totally closed, however, until a few important milestones are met. One of the most crucial is that your home appraise high enough to meet the lender’s standards. Remember, the appraisal assures that the relationship between the amount of the loan and the property value, or the loan-to-value ratio, is appropriate. Otherwise, buyer and seller will be back at the negotiating table, the buyer wanting you to come down on price, and you wanting the buyer to put in more cash. Here are several tips to help your home appraise well.
