Staten Island is a borough of New York City that contains parks, beaches, and other outdoor attractions that may appeal to you. If you are considering a move from a more congested area to a residential one that is located on the island, you will eventually want to determine if the residence that you are contemplating purchasing is priced fairly.
The Valuation Process
An appraiser performs a home valuation. This process may be conducted before a home is placed on the market, by the seller. It may also take place when a potential buyer is interested in a home that is on the market. A mortgage lender may require that a home valuation is performed, prior to releasing funds to the person who will purchasing a residence and land.
A Staten Island home valuation involves assessing the condition of the home, repairs that have been made, depreciation variables, and economic statistics that are associated with similar residences in the area. An appraiser will perform a physical walkthrough of a home and land. This will provide them with insight into any existing problems. It will also allow an appraiser to assess upgrades that have been made.
Comparisons will be made that may indicate that an asking price is on target or higher or lower to comparable homes and parcels of land. Many estimates may be analyzed during the valuation process. A potential buyer will be privy to the determination that an appraiser makes.
The Lender And A Buyer's Responsibilities
An appraiser's report will be furnished to a lender. A lender will only approve a loan amount that is reflective of the current market value of a home. If a seller is asking more for a home than what an appraiser has determined as its true value, a potential buyer can seek a loan through the lender that they initially selected, but will responsible for paying the cost difference between the current value and what the seller is asking for the home and land.
A buyer can negotiate with a seller, if they are not willing to pay an inflated cost. If a real estate agent is working for the buyer, they will correspond with the person who wishes to buy a home and receive feedback concerning how much the potential buyer is willing to pay for the residence and land. A seller has the right to accept an offer or to refuse it. If a seller won't budge on the price, the potential buyer will need to determine if they will pay the asking price or look at other home listings in the area.