Why it’s important to understand the importance of a bank appraisal.

Most if not all banks will require that a Massachusetts licensed appraiser evaluate the value of the Boston condo that you wish to purchase. The theory is that a licensed appraiser will present an unbiased objective value on the condo based on recent sales. the problem is that if the appraiser value is under your asking price the bank may turn you down for the loan, even though you have been approved for the loan amount. In this situation the buyer can do one of three things;. The buyer can bring more money so the loan amount corresponds with the loan amount. Option number two the buyer or his agent can renegotiate with the seller or his representative, and finally he/she could walk away from the deal, if you have an appraisal contingency.

Your appraisal contingency should cover you if the value of the property comes up short (consult with your attorney).

Before purchasing a Boston condo it’s important that you know from the lender about how much time you need for an appraisal contingency.

For more information call Ford Realty at 617-720-5454.

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For more information please contact one of our on-call agents at 617-595-3712.

Updated: January 2018

Author Profile

John Ford
John Ford

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs

In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.


For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.


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John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.

John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114



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