Home appraisals no longer derailing sales

Posted by Bonnie Martin Designated Broker on Monday, May 20th, 2013 at 9:04am.

money.cnn.com - Consider this one more sign that the housing market is heating up: Appraisers are putting higher values on homes again, allowing for more deals to go through.

During the housing bust, sales were often derailed by low-ball appraisals that fell far shy of a home's selling price.

For example, if a home cost $500,000 and required a 20% down payment of $100,000, the buyer would need to finance $400,000. But if the appraiser valued the home at $450,000, the buyer would only be eligible for a $360,000 loan -- making the home too costly for some buyers.

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