Mortgage appraisal what to expect

Retrieved from http: The bank counts on the services of a trained professional to offer an unbiased opinion of the home's value so it doesn't loan more money than the property is worth.

mortgage appraisal what to expect

This is similar to what a real estate agent does when trying to determine the asking price, or the reasonable offer amount, for a property. References 3 Domania: This is usually a standard boilerplate document with fill-in-the-blank areas for property condition, lot size, comparable sales, and whatever else the appraiser uses during the appraisal process. The appraisal process usually begins with a telephone or in-person interview with you about your home as well as thorough preliminary research of recent home sales and listings in your neighborhood.

Patch the walls and do other touch up work to put your best face forward. The newer your home appears to be—regardless of its actual age—the better.

Appraisals 101: What to Expect.

Touch up your paint on the outside of your home. Please note that any conversations that appear to influence value may be required to be reported to your lender.

All told, the actual appraisal process inside the home can take anywhere from 15 minutes to several hours. Your lender will have processes in place which they are required by law to follow, for addressing your questions or concerns. If you have paperwork on the upgrades - like contractor invoices, for example - be sure to include copies with your list. Remember this: Who pays for the home appraisal, and what does it cost?

This form asks specific questions about neighborhood demographics, housing trends in the area, available utilities, measurements and details about the home, property condition, and how the house fits into the surrounding neighborhood. And you can always dispute the appraisal.

These answers may be by telephone but are usually required in writing and can be quite extensive and time consuming. Skip to main content. On the surface, it may seem like an appraisal is a simple, fast process. Should you stay or should you go?

What to Expect During a Home Appraisal

Reduce your asking price to match the appraisal. Your home appraiser needs unfettered access to every area of your home, including the sometimes cluttered basement, garage and attic. The report is usually sent directly to the lender. And, of course, he will assign an actual value to the house. The lender will usually hire and select an appraiser they work with regularly to perform the appraisal, and the buyer will submit their credit card or payment information to the lender to pay for the appraisal.

Overgrown landscaping and broken garage doors will work against you and your appraisal—especially if property values have declined in the neighborhood.

mortgage appraisal what to expect

Home Appraisal Basics Home Check: Kate Silver, a Chicagoan who went through the appraisal process in April while buying a home, had to beat out nine other buyers and still hope the appraisal price matched her offer. If the appraisal came in under the offer, your real estate agent will be able to fill you in on the details right away.

mortgage appraisal what to expect