Know The Appraisal Value Rules Before You Submit Your Offer!
If you’re planning to buy a home, an appraisal is an important step in the process. It’s a professional evaluation of the market value of the home you’d like to buy. In most cases, the lender ordered an appraisal to confirm or verify the home’s value before lending the buyer money for the purchase.
“A home purchase is typically the largest investment someone will make. Protect yourself by getting your investment appraised!
An appraiser will observe the property, analyze the data, and report their findings to their client. For the typical home purchase transaction, the lender usually orders the appraisal to assist in the lender’s decision to provide funds for a mortgage.”
When you apply for a mortgage, an unbiased appraisal (required by the lender) is the best way to confirm the home’s value based on the sale price. Regardless of what you’re willing to pay for a house, if you’ll be using a mortgage to fund your purchase, the appraisal will help make sure the bank doesn’t loan you more than what the home is worth.
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However, the lender will only allow the buyer to borrow based on the value of the home. This is what helps keep home prices in check. Believe it or not, not all agents know the difference. Most agents use Price – Driven approach. They don’t have an understanding of the indebt rules of an appraisal. I recommend upfront to know if there could be any confusion or discrepancy between the appraisal and the sale price. I like to have that conversation with the listing agent in advance on how to handle any discrepancy upfront. Prepare a list of questions for a potential buyer’s agent and interview them for the job.
The appraisal is the critical step when buying a home, and you don’t need to manage them by yourself. Let’s connect today, so you have the expert guidance you need to navigate through the entire home buying process.
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