In the middle of buying a home? If so, you've probably already realized that there are many steps you'll need to complete before you will officially take ownership. From scheduling inspections to going through the drawn-out closing process, there are many items that need to be checked off your list. And one thing you won't want to overlook in buying a home is completing a real estate appraisal.
The purpose of a real estate appraisal is to determine the current value of a property before a sale is finalized. Appraisals are important for several reasons. For starters, having an appraisal done ensures that the property you are looking to buy is worth at least what you have offered to pay. This is especially important if you'll be taking out a loan to pay for your home, as your lender will not want to let you borrow more than the property is realistically worth.
There's a good chance that your home insurance company will require an appraisal to determine the amount of coverage you will need for your property.
Typically, you are responsible for the cost of the appraisal as the homebuyer. Costs can vary greatly depending on where you live and other factors. However, you can generally expect a home appraisal to cost somewhere between $300 and $450. This cost is often built into your mortgage, so you may not have to actually pay anything out of your own pocket up-front.
Once your appraisal is scheduled, there isn't much you need to do. You do not need to be present for the appraisal itself; you will receive a report that tells you the estimated value of the home after the appraiser visits the property.
Ideally, the appraised value of the home will be at least what you have offered to pay for the property. And most of the time, this is the case. However, if the appraisal comes back low, you may need to head back to the negotiating table to see if the seller will drop the price of the home. Otherwise, you will need to produce the difference between what your lender will let you borrow and the agreed-upon sale price.
Welcome to my real estate website, your number one source in Real Estate. As an agent who's an expert in this local area, I bring a wealth of knowledge and expertise about buying and selling real estate here. It's not the same everywhere, so you need someone you can trust for up-to-date information. I am eager to serve you. Here are some of the things I can do for you:
Find Your Next Home
You need someone who knows this area inside and out! I can work with you to find the right home at the right price for you, including all the neighborhood amenities that matter - not to mention the essential criteria you have for your ideal home
Sell a Home
When it's time to move, you need someone who will advertise your home, show to prospective buyers, negotiate the purchase contract, arrange financing, oversee the inspections, handle all necessary paperwork and supervise the closing. I can take care of everything you need, from start to close.
Consult on Home Selling Tactics
Oftentimes buyers don't visualize living in your home the way you do. I can make your home attractive to its ideal audience - which can help you get top dollar. Things like staging the home, making repairs or minor improvements, or even simply painting the walls can be the difference between a home resting on the market and one that's sold fast.
Feel free to contact me today. I love what I do!!
