While a home appraisal and home inspection are both important pre-closing steps, a home appraisal isn’t the same as a home inspection. A copy of the report is shared with you and the lender for review.The appraiser shares a detailed report of the property’s valuation, based on their findings.The appraiser performs a property walkthrough and research.Here is a step-by-step view of the home appraisal process: When buying a home, you’re not obligated to share the home appraisal report with the seller, but you are responsible for paying the appraisal fee. Then, they’ll compile a report on the home’s appraised value and share it with you and the lender. They’ll also drive around the neighborhood, research recently sold comparable homes nearby and analyze public record data. When appraising the home, the appraiser will complete a visual inspection of the home’s interior and exterior by walking the property and grounds. Once the appraiser is assigned, they will schedule a time to appraise the home, usually within 48 hours. The AMC will ensure that the assigned appraiser can perform an independent and neutral assessment of a property’s value, without pressure from the lender, buyer, seller or other interested party. In most instances a lender will request a home appraisal, and then a licensed appraiser will be assigned by an Appraisal Management Company (AMC). Talk to a mortgage expert to learn more about getting pre-approved for a loan and any home appraisal requirements. The appraisal will also let you know that you’re making a good investment.
You’ll want the appraisal to come back either at the loan amount or higher in order to qualify for a mortgage. Most lenders require a home appraisal to ensure the borrower isn’t taking a loan out for more money than the property is worth. Whether you’re buying, selling or refinancing a home, an appraisal is typically an important part of the process because the results can affect the borrower’s ability to receive a loan. How do you read a home appraisal report?Ī home appraisal is an estimate of a property’s value by a licensed appraiser.What do appraisers look for in the home?.
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