Real Estate Affiliates in Millburn, Short Hills, Maplewood and South Orange, New Jersey Provided by Christine Lassiter

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School Reports in Millburn, Short Hills, Maplewood and South Orange, New Jersey

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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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Q	What famous person said this? "Real Estate is the best investment in the world because it is the only thing they're not making anymore!"
A	Will Rogers, who began his career as a rope-throwing cowboy and later became a famous stage and film star.
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Christine Lassiter, REALTORŽ, real estate agent and broker for Millburn, Short Hills, Maplewood and South Orange, New Jersey home listings, property and land for sale

Christine Lassiter
Coldwell Banker Residential Brokerage
545 Millburn Ave
Short Hills, NJ 07078
973-376-5516
Fax: 973-387-4703
christine.lassiter@cbmoves.com

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Real estate agent(s) for Millburn, Short Hills, Maplewood and South Orange, New Jersey

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