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If you’re selling a home and the appraisal comes in lower than an offer, you’re effectively getting more for your home than it’s worth. If you’re a buyer, it means you may be overpaying. Some buyers may try to reduce their offer amount to match the appraisal, but if they signed an agreement already at the offer price and the agreement didn’t make the sale contingent on the appraised value, there’s often no option to negotiate. Keep in mind that a low appraisal may push your loan-to-value ratio too high, meaning a lender may not give you a mortgage.

It can, especially with the rising popularity of treehouses that go beyond the ones designed for kids. Adults can now use them as office spaces, yoga studios, or quiet treetop retreats. That said, a treehouse can appeal to families with children or adults who might want to convert it into a space of their own. Depending on the buyer, they may be willing to pay extra for the unique feature.

Yes, a seller is legally required to disclose any known fire damage when selling a house, including damages that were repaired. That includes damages to structural components and all major systems, as well as water damage, chemical damage, and smoke damage related to the fire. Sellers use a property disclosure statement, which is regulated by each state individually, to disclose fire damage.

Your home insurance company may allow you to use an appraisal instead of an inspection when you apply for coverage. Keep in mind that despite this, an appraisal is far less detailed than the different types of home inspections available and may not reveal potential risks that you’ll want to know about.