Here’s what buyers should know about getting a home appraisal:

Purpose: An appraisal is needed by the lender to ensure the property’s value matches the loan amount, protecting both buyer and lender.

Process: An appraiser visits the property to assess its condition, size, features, and recent sales in the area. They create a report with the property’s estimated market value.

Timing: The appraisal happens after the buyer and seller agree on a price. It’s arranged by the lender but paid for by the buyer as part of closing costs.

Impact: If the appraised value meets or exceeds the purchase price, the sale proceeds as planned. If it’s lower, negotiations may be needed to adjust the price or terms.

Objectivity: Appraisers are unbiased third parties who use current market data to determine the property’s value.

Understanding the appraisal process helps buyers confidently navigate the final steps of purchasing a home. Contact us now at Delaney@TheHighlandCompanyRE.com for more insights on how appraisals can affect your home buying process!