Boston luxury condos for sale and the importance of the appraisal process

What is a Boston downtown real estate appraisal?

A Boston downtown real estate appraisal is an unbiased state-licensed professional that determines a downtown Boston real estate value based on size, condition, and the quality of the condo. To do this, the appraiser must first inspect the property. Then, by researching similar Boston condos for sale within the area and comparing recent residential sales, the appraiser will present their “opinion of value” with all supporting data and research used to come to their conclusion.

What is the appraisal process?

The appraisal process is important because banks require an appraisal before they’ll provide a Boston high rise condo buyer a loan. This is because the value of the property will likely determine how much a lender will allow you to borrow. Banks want to make sure that homeowners aren’t over borrowing for their downtown Boston real estate, as the home serves as collateral for the mortgage. So, if the borrower were to default on the mortgage and go into foreclosure, the lender would be able to get back their money on the sale on the home.

How can a Boston downtown appraisal help a Boston luxury condo buyer?

If you’re a Boston luxury condo buyer, a home appraisal also can function as protection for you. An appraisal can help protect a buyer in keeping them from overpaying for a home, if the appraisal comes in much lower than the asking price this would prevent the bake from lending you money.

What should Boston downtown real estate sellers know about appraisal?

If you’re a seller, you want to make sure your Boston high rise condo is appraised for the amount you’ve listed it for. In order for that to happen there are a few things you can do to impact that number. Make sure things like the, hardwood floors are in good condition, and/or the carpets are clean. It’s also a good idea to provide your appraiser with a list of recent improvements you’ve made to the Boston luxury condo, as well as a list of attractive aspects about your neighborhood. Be sure to mention items like grocery stores, parks, and neighboring schools.