Step 13:  The Appraisal

Blog Post Image


Step 12 to Buying a Home: The Appraisal

A home appraisal is a meticulous evaluation of a property's value, conducted by a certified appraiser.

It involves a comprehensive assessment of factors like the property's condition, size, location, and recent sales of comparable homes in the area. The outcome is a precise appraisal value, providing both buyers and lenders with the assurance that the property's price aligns with its true worth.

The mortgage company provides the appraisor - which is part of buyer's closing costs - working with the seller's agent - schedules a time to visit property and inspect exterior and interior.  Usually within 14 days, the appraisor submits a report to the mortgage company on their independent value of house.  If the value of the property is at purchase price or higher - mortgage process continues.  If the value from the appraisor is lower - this needs to be addressed.  Working with us, we can strategize options for this hiccup.

A home appraisal serves multiple purposes. It offers peace of mind to all parties involved, ensuring that the property's price reflects its actual value. This safeguard prevents overpaying for a property and guarantees that the lender is not financing more than the property's genuine worth. 

In conclusion, a home appraisal is a fundamental component of the home-buying process. It serves as a cornerstone of trust, assuring buyers and lenders that they are making informed decisions. Understanding the nuances of home appraisals and their implications empowers you to approach real estate transactions with a sense of security and a clear understanding of your investment.