What is a Home Appraisal? (2019)

What is a Home Appraisal? (2019)


Is this home really worth it? Before you
get a loan you need to know “What is an appraisal?” An appraisal is a value that
an appraiser puts on a home. This value is determined from an analysis that the
appraiser performs from coming out to visually see the home that you want. He
measures the home and ensures that there are a few safety things on the home like,
a strapped water heater, smoke detectors and carbon monoxide detectors. He then runs
near by comparative home sales for three homes from the prior ninety days to come
up with an appraised value for the home. This is the number that the bank uses to
offer you a loan on your home and the appraiser has to find three homes that are
just like yours in order to make an opinion a value. And if your home that
you want is unusually awesome because it’s different or custom, the appraiser
might have some problems finding recent sales that are like your home, so they
have to make some adjustments. And those adjustments are highly subjective.
However the appraiser always determines a value. This appraised value is
important because a lender is giving you a loan based on the appraised value so
that you can buy the home. They want to make sure that the house is worth it and
the loan is worth it. If for some reason you don’t make those payments and they
have to foreclose on you, they want to know that they’re going to be able to get
their money back if they have to sell it someday. But remember, an appraisal is just an opinion of value. It is one appraisers
opinion of value and it can be different from another appraisers, so it’s not
necessarily an absolute statement of the home and how much it’s worth. I’m Casey
Serafino-Lee, your local Realtor, helping you love where you live, by understanding
the home buying process.

One thought on “What is a Home Appraisal? (2019)

Leave a Reply

Your email address will not be published. Required fields are marked *