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What Is a Home Appraisal?
A home appraisal is an unbiased valuation by a licensed professional, required by lenders to ensure the loan amount matches the property's worth. This safeguards both the buyer and the lender against overpaying.
Who Requests and Owns the Appraisal?
Requested by: The buyer’s lender, as part of mortgage approval.
Paid for by: The buyer (typically).
Owned by: The lender – not the buyer or seller. However, buyers usually receive a copy.
Seller Access: Sellers do not automatically get a copy. If the appraisal comes in low and affects the sale, the buyer can choose to share it with the seller during negotiations. Otherwise, the seller has no direct access to the report.
How Appraisers Determine Value
Appraisers assess value based on:
Comparable Sales (Comps): Recent home sales in the area.
Property Condition: Age, structure, and any necessary repairs.
Home Improvements: Upgrades like kitchens, bathrooms, and energy-efficient features.
Market Trends and Location: Demand, schools, and nearby amenities.
Why Appraisals Matter for Sellers
A high appraisal supports the asking price, but a lower appraisal can complicate or end the deal. Appraisals are crucial, so understanding them helps buyers and sellers avoid surprises. Contact me with any questions about your home's value or the appraisal process!
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