Home Appraisals in Seattle: What to Expect
An appraisal is an independent opinion of value produced by a licensed or certified appraiser, usually ordered by a lender to support a financing decision. It is not the same as the market analysis your agent prepares, and neither substitutes for the other. We are not appraisers and cannot provide an appraisal what we can do is prepare the property properly for the appraiser, supply the comparable sales that support the contract price, and respond substantively if the appraisal comes in low.
Appraisal, Market Analysis,
and Inspection
| Appraisal | Market analysis (CMA) | Inspection | |
|---|---|---|---|
| Who performs it | Licensed or certified appraiser | Licensed real estate agent | Licensed home inspector |
| Who orders it | The lender | You, with your agent | The buyer |
| Question it answers | What is this property worth as loan collateral | What should this list or offer at | What condition is this property in |
| Who typically pays | The buyer, usually at closing or up front | [NEEDS DATA: confirm client policy] | The buyer |
| Binding on the lender | Yes | No | No |
What Happens If the
Appraisal Comes In Low
A low appraisal means the appraiser's opinion of value is below the contract price. The lender will generally lend against the lower figure, which creates a gap. It is a common situation and usually solvable - the options are the same in most transactions, though which are available depends on the contract and the parties.
| Route | What it involves | Consideration |
|---|---|---|
| Buyer covers the gap | Buyer brings additional cash to closing | Requires available funds; the buyer is paying above appraised value, which they should decide deliberately.[cite: 1] |
| Renegotiate the price | Seller reduces to or toward the appraised figure | Depends entirely on the seller's position and the strength of the market.[cite: 1] |
| Split the difference | Both parties move toward the gap | Common outcome where both sides want the transaction to complete.[cite: 1] |
| Reconsideration of value | Formal request to the lender with additional or corrected comparable sales | Worth pursuing where the appraiser used weak or unrepresentative comparables. This is where an agent adds real value.[cite: 1] |
| Second appraisal | Lender-dependent, and not always permitted | Costs time and money, and outcomes are uncertain.[cite: 1] |
| Terminate | Exit under an appraisal contingency if one exists | Depends on the contract. Waived contingencies remove this route entirely - which is why waiving one is a real decision, not a formality.[cite: 1] |
What We Can Properly Do
The appraiser is independent, and that independence is the point it is also protected by regulation. Nobody in the transaction may attempt to influence the value conclusion. What is entirely proper and genuinely useful is making sure the appraiser has complete and accurate information to work from.
- Prepare a property information pack: improvements with dates, permits, and anything the public record does not show
- Supply relevant comparable sales, particularly recent ones the appraiser may not have identified.
- Make sure the property is accessible and presentable for the appointment.
- Explain what the result means for your transaction, in plain terms
- Prepare and submit a reconsideration of value request where the comparable selection appears genuinely unrepresentative
WHAT NOBODY MAY DO
No party to a transaction may pressure an appraiser toward a value, and any agent who suggests they can influence an appraisal is describing something improper. Supplying accurate information and well-chosen comparables is legitimate and often effective. Pressure is neither.
FAQ
Frequently Asked Questions
No. Appraisals are performed by licensed or certified appraisers, who are separately regulated. What we provide is a comparative market analysis - a pricing recommendation used to set a list price or shape an offer - and full support through the appraisal process when a lender orders one.
An appraisal is an independent valuation by a licensed appraiser, usually ordered by a lender to support a financing decision, and the lender relies on it. A CMA is a licensed agent's pricing recommendation used to set a list price or an offer strategy; a lender will not accept it in place of an appraisal. If a site offers a 'free home appraisal', what is being offered is a CMA.
It is common and usually solvable. The routes are: the buyer covers the gap, the price is renegotiated, the parties split the difference, a reconsideration of value is requested with better comparables, or - where a contingency exists - the buyer terminates. Which are available depends on your contract and both parties' positions.
No, and nobody should suggest otherwise - appraiser independence is protected by regulation. What an agent can properly do is supply accurate property information and relevant comparable sales, and request a reconsideration of value where the comparables used appear unrepresentative.
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