Beware of Pitfalls in the Appraisal Process When Relocating
If you have ever purchased a home then you are surely somewhat familiar with the appraisal process, especially if you are trying to secure a mortgage through a lender. Most of the time, the bank’s interests and the buyer’s interests are closely aligned and there is nothing to be concerned with. After all, both want the same thing, right? Both want to know what the value is of that property. It’s all pretty straight forward.
It is important to remember, though, that the appraiser is first, and foremost, working for the lender, and therein lies the source of possible problems.
Whenever possible, it is always a good idea to pay for an independent appraiser to write up a value report on the property in question. The buyer can then compare the independent appraisal with the appraisal written by the lender’s appraiser. If there are major discrepancies then consider that a major red flag and reconsider the purchase of that home.
There are, of course, some safeguards that can be taken so no problems arise from this potential problem. Work with an experienced real estate agent who is familiar with the area and the current market prices and trends. If you are an athlete, then work with an experienced athlete relocation agent who has your best interests at heart.
In other words, arm yourself with as much information as possible. When purchasing property, the difference between a good decision and a poor decision, can be measured in hundreds of thousands of dollars.
Sports Relocation, Inc. Sports Relocation, Inc assist players/coaches of all professional sports leagues including the NBA, WNBA, NFL, MLB, NHL, and entertainers relocate nationwide by servicing their Real Estate & Relocation needs. Ikem Chukumerije is licensed to practice real estate in New York, California, Nevada, Florida, & Georgia. Sports Relocation, Inc operates nationwide and provides elite athlete relocation services in all 50 states and internationally.