When buying or refinancing Santa Clarita real estate many people wonder if it is necessary to conduct an appraisal. An appraisal is a necessary step for the funds of a home loan to be released. When applying for a home loan, whether buying a Santa Clarita property or refinancing a home that you already own, the lender will request an appraisal in order to make sure that the Santa Clarita property in question is worth what you are financing it for or more. An appraisal compares similar properties in an area and values a home accordingly.
In order to complete a Santa Clarita real estate transaction an appraiser will be contacted and typically the Realtor will be the point person between the home and the appraiser. If the home does not appraise for the contract price there could be an issue. A buyer can either pay the difference out of his own pocket, a seller can come down in price, or the contract becomes null and void. The knowledge and experience of your Santa Clarita Realtor comes into play in a big way in this scenario due to the fact that having an appraisal or financing contingency in your real estate contract can protect you against a home being under-appraised.
Contact us at Remax Santa Clarita today to learn more about Santa Clarita real estate, as well as to have free access to the Santa Clarita MLS and all Santa Clarita properties that are currently listed for sale.