with Terry Story, 25-year Veteran Real Estate Agent with Coldwell Banker in Boca Raton, FL
When it’s time to sell, how do you price your home? Well, you, your broker and a professional appraiser typically jump in with estimates on what your home is currently worth. While in the past, estimates could vary widely, data from a November 2014 report shows that the gap has narrowed – so that’s good news. But rising or falling home prices also need to be factored into the estimate, which makes things tricky sometimes.
But while appraisal gaps have narrowed, home buyers continue to lie significantly on their mortgage applications – with Florida ranked #1 for mortgage fraud followed by Nevada, New Jersey, Arizona and Illinois. But it doesn’t pay to cheat, so see how you can improve your mortgage approval chances by staying honest.