What is an appraisal?
An appraisal is an unbiased professional opinion of a home's value and is often used to calcuate property taxes. It is different from a home inspection, which deals with the physical condition of a home.
Who requires an appraisal? Mortgage lenders require an appraisal before they approve a loan. They want to ensure the home's value is comparable to those other homes recently sold in the same area.
Who performs an appraisal? A professional appraiser who is licensed and certified by the state.
When is it required? Anytime a mortgage is involved in buying, refinancing or sellling property.
Who pays for it? The borrower. The cost is typically $300-$450 but can be more, depending on the circumstances. It is usually included as part of the closing costs.
We know the market can be confusing, but we are here to offer clear, concise information you can trust. Feel free to reach out to our office and we will answer any questions you may have.
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