What You Can Expect When Ordering an Appraisal
- Rick Rosales
- Mar 19, 2023
- 2 min read
One of the most important steps in the home buying or selling process is the appraisal. An appraisal is an objective evaluation of a property's value conducted by a licensed appraiser. Here's what you can expect when ordering an appraisal:
Understand the purpose of the appraisal: The primary purpose of an appraisal is to determine the fair market value of the property. Lenders require appraisals to ensure that the property is worth the amount being borrowed, and buyers use appraisals to make informed decisions about a property's value.
Find a licensed appraiser: It's important to work with a licensed appraiser who has experience appraising properties in your area. Your real estate agent can help you find an appraiser or you can search for licensed appraisers online.
Schedule the appraisal: Once you have selected an appraiser, you will need to schedule an appointment. The appraiser will need to visit the property to inspect it and determine its value.
Prepare the property for the appraisal: Before the appraiser arrives, make sure the property is clean and in good condition. The appraiser will be looking at the property's size, condition, and features, so it's important to ensure that everything is in good working order.
Be present during the appraisal: It's a good idea to be present during the appraisal so you can answer any questions the appraiser may have about the property. However, it's important to give the appraiser space to do their job without interfering.
Wait for the appraisal report: After the appraisal is complete, the appraiser will provide a report that includes the property's value and the factors used to determine that value. The report will be sent to the lender and the buyer.
Review the report: Once you receive the appraisal report, review it carefully to make sure everything is accurate. If you have any questions or concerns about the report, speak to your real estate agent or the appraiser.
In conclusion, ordering an appraisal is an important part of the home buying or selling process. Working with a licensed appraiser and understanding what to expect can help ensure a smooth appraisal process and a successful transaction.
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