Home Appraisal Process: What to Expect
This article covers the home appraisal process, explaining what it is, why it's important and how to expect it to go. Learn what to know before you buy a home and how to better prepare yourself for the appraisal process.
What is a Home Appraisal?
A home appraisal is the process of determining the current market value of a real estate property. It is completed primarily by a professional appraiser. An appraisal is often required when a property is being sold – typically as a condition of the mortgage settlement. A home appraisal helps ensure that the borrower is not paying more for a home than its true market value.
What Happens During a Home Appraisal?
During an appraisal, the appraiser thoroughly inspects the inside and outside of the house. He or she will take measurements, review home features, and consider the overall condition of the home. The appraiser is also likely to review and compare similar properties in the area to provide a more accurate estimate of the home's value. In addition, the appraiser may review public records and tax information to complete the appraisal.
Who Appraises the Home?
Appraisals are typically completed by a qualified, experienced appraiser. The appraiser should be a licensed professional who can provide a thorough, unbiased, and accurate assessment of your home. You'll want to make sure the appraiser has access to the most up-to-date market information and has a good knowledge of the local area.
What to Expect During the Appraisal Interview?
During the appraisal interview, the appraiser may ask questions about the home's history as well as recent improvements or renovations. It's important to provide as much information as possible during the appraisal interview, as it may have an impact on the home's value. The appraiser will also likely ask to take photos during the interview.
How Long Does the Appraisal Process Take?
The appraisal process typically takes a few days to complete. Your lender may have a specific timeline for the appraisal process, so make sure to check with them. An appraiser typically provides an appraised value on the same day as the appraisal.
How Much Does a Home Appraisal Cost?
The cost of a home appraisal depends on several factors, such as the size of the property, its location, and the type of loan. Generally, it can cost anywhere from $300 to $600 for a single-family home appraisal. You can check in with a few local appraisers to compare prices.
Conclusion
A home appraisal is an important part of the process when buying or refinancing a home. It helps protect both buyers and sellers by establishing a fair market value for the property. It's important to make sure you work with a qualified and certified appraiser to ensure a fair and accurate appraisal.