What Is A Home Appraisal And How Much Does It
A home appraisal determines the value of a home. Learn how this process works for those who are buying, selling or refinancing a home.
Home Appraisal FAQs
Navigating the home appraisal process can be confusing and stressful, but it doesn’t have to be. To help you feel better prepared, here are answers to some of the most frequently asked questions about home appraisals.
Do I need to get a home appraisal?
If you’re refinancing your home or using a mortgage to finance the purchase of a new home, your lender will likely require you to get an appraisal before you can close on the loan. However, if you’re buying a house with cash, a home appraisal isn’t an absolute necessity.
Keep in mind, though, that it’s still a good idea to get the home appraised so you know you’re paying a fair price for the property.
What is a home appraisal based on?
Features that an appraiser considers when performing a home appraisal include:
- The home’s location, age, square footage and overall condition
- The number of rooms, including bedrooms and bathrooms
- The quality of the property’s landscaping, foundation, roofing, plumbing and lighting
- The condition of the home’s appliances
- Any recent home improvements that add value
How long does the appraisal process take?
The length depends on the type of appraisal your lender orders. However, in most cases, it’ll take around a week – and maybe a little longer – for the appraiser to assess the property and prepare the report.
Who pays for the home appraisal?
Unless the home appraisal cost is negotiated with the seller, the buyer typically pays for the appraisal. Factors that can affect the appraisal fee include the home’s location, size, age, condition and any research the appraiser does on the property.
What can I do if I receive a low appraisal?
If you’re buying a new home and the appraisal comes in low, your mortgage lender won’t lend you more than the appraised amount. You can opt to pay cash to cover the difference between the appraised value and the loan amount, or you can negotiate for a lower sale price or decide not to move forward with the purchase.
If you’re refinancing your home, you may want to challenge the appraisal if you believe the appraiser missed valuable additions or made mistakes on the report.
Home Appraisal FAQs
Navigating the home appraisal process can be confusing and stressful, but it doesn’t have to be. To help you feel better prepared, here are answers to some of the most frequently asked questions about home appraisals.
Do I need to get a home appraisal?
If you’re refinancing your home or using a mortgage to finance the purchase of a new home, your lender will likely require you to get an appraisal before you can close on the loan. However, if you’re buying a house with cash, a home appraisal isn’t an absolute necessity.
Keep in mind, though, that it’s still a good idea to get the home appraised so you know you’re paying a fair price for the property.
What is a home appraisal based on?
Features that an appraiser considers when performing a home appraisal include:
- The home’s location, age, square footage and overall condition
- The number of rooms, including bedrooms and bathrooms
- The quality of the property’s landscaping, foundation, roofing, plumbing and lighting
- The condition of the home’s appliances
- Any recent home improvements that add value
How long does the appraisal process take?
The length depends on the type of appraisal your lender orders. However, in most cases, it’ll take around a week – and maybe a little longer – for the appraiser to assess the property and prepare the report.
Who pays for the home appraisal?
Unless the home appraisal cost is negotiated with the seller, the buyer typically pays for the appraisal. Factors that can affect the appraisal fee include the home’s location, size, age, condition and any research the appraiser does on the property.
What can I do if I receive a low appraisal?
If you’re buying a new home and the appraisal comes in low, your mortgage lender won’t lend you more than the appraised amount. You can opt to pay cash to cover the difference between the appraised value and the loan amount, or you can negotiate for a lower sale price or decide not to move forward with the purchase.
If you’re refinancing your home, you may want to challenge the appraisal if you believe the appraiser missed valuable additions or made mistakes on the report.
A home appraisal determines the value of a home. Learn how this process works for those who are buying, selling or refinancing a home.
What Is A Home Appraisal And How Much Does It
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