What is an Appraisal?
An appraisal is the estimation of a home’s current market value. A licensed appraiser completes this estimation, which is calculated by comparing the recent sales of homes in the area as to the property that is being appraised.
This is required by mortgage lenders to be sure that the money they are lending to a new homeowner or a current homeowner is a fair amount for the home. The lenders want to be sure that the buyers are not overpaying for the property.
View my explanation video below.
Key Takeaways
What is an Appraisal?
-It is basically an evaluation from a professional appraiser.
-A professional opinion of value.
-The appraisal is the document and the appraiser is the one doing the appraisal.
Why get an Appraisal?
-It is one of the requirements of the bank.
-The appraisal fee is around $450 for residential
-The bank wants to make sure that the property you are about to buy is worth the loan amount.
What is an Appraiser?
-Appraisers are licensed.
-They check the property for condition
-They compare the property to similar sold properties. -Gives a professional opinion of value.
About Gerardo Zavala, Realtor
There is a true passion for connecting people with real estate that makes me fall in love with my career over and over again. While my title says, REALTOR® I think I am much more than that. For example, I am present and actively listening to my clients needs, on the spot when things are urgent, and by your side to say “congratulations.” Most of my clients will say that I am a connection away from support no matter the situation, day or time. In my opinion, customer service, educating the client on progress and next steps, and overall satisfaction are my top priorities. How can I help you?
