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About Appraisals >Working With Appraisers
After the buyer and seller come to a "meeting of the minds" on the price of a house, there is one more person who must be convinced that the house is worth the selling price--the mortgage company's appraiser.
The appraiser looks for three similar houses that have sold in the same area within the last several months, and compares the selling prices of these homes with the one that is now on the market. The appraiser makes adjustments to account for the differences in each property, and averages the adjusted prices of the other three homes to arrive at a final opinion of value. In subdivisions or condominium projects where there are many similar properties and numerous recent sales, the appraiser's job is relatively easy. In neighborhoods of older homes that have been renovated or remodeled over the years, it can be like comparing apples and oranges.
If the appraiser's evaluation is lower than the selling price, it can stall the transaction because the lender may decline the buyer's loan because of the discrepancy. A real estate agent can work to minimize potential delays associated with the appraisal process by helping the seller to price the home as close to fair market value as possible.
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Upon completion this year, what will be the tallest residential building south of New York and east of Chicago?
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Located in Biscayne Bay, Florida, the $120 million, 51-floor luxury condominium will be called The Santa Maria. |
 See More Real Estate Trivia > |
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Mina Sultani
Coldwell Banker
5028 Wisconsin Ave,NW#100
Washington
20016
Office: 202-362-5800
Fax: 202-237-0771
Cell: 571-331-5909
24 hr Hot line: 1-800-731-7113
mina@minasultani.com
minaultani@numberiexpert.com
msultani@cbmove.com
Mina Sultani has earned a Ph.D. and a handful of master’s degrees. When it’s time to buy or sell—especially in Logan Circle, Central, Foggy Bottom or Dupont Circle—there’s no smarter choice than Mina Sultani. Simultaneously, she’s warm and approachable, with an absolutely effervescent sense of humor and quick, contagious laughter. Overall, Mina displays the kind of sophistication and energy that are perfectly in tune with her home base; Washington, D.C. There’s another reason she fits into this international setting so comfortably and credibly. Mina has lived in several countries and traveled to more than 50. “There’s nothing more exciting than meeting new people, experiencing new cultures and seeing new landscapes.” It’s no surprise that Mina felt drawn to Washington, D.C.’s cosmopolitan character. As a place to live and work, the capital suits her perfectly.     
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