We’ve got a quick overview of the appraisal process for you today. An appraisal happens after an offer has been accepted and inspections have been completed.
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We have been getting a lot of questions about appraisals lately, so we figured it would be a good idea to answer some of them today by explaining how the process works. Here’s a quick overview for you on this portion of the transaction.
Appraisals occur after the home has already been listed and sold with an accepted purchase agreement and completed inspections. It’s one of the last big hurdles to get over. The appraisal will be done by the lender who is providing financing to the buyer.
All the appraisal is doing is simply giving the lender the confidence that the house is worth what the buyer is paying. As you can imagine, we had a few problems with home values back in 2008.
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It’s one of the last big hurdles to get over.
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If a home sells for $300,000, for example, we want the appraisal to come in at or above that price in order for the lender to proceed.
The appraisal is not something that you or your agent, or your buyer or their agent, does. It’s done by an independent third party to understand what the value of the home is for them.
If you have any questions about appraisals or any other part of the transaction, give us a call or send us an email. We would be happy to help you out any way we can.
