What is a home appraisal and why is it important?
Here we discuss what a home appraisal is and three reasons why it’s important to have your home appraised:
What Is A Home Appraisal?
A home appraisal is an evaluation conducted by a licensed appraiser to determine the fair market value of a property. It considers various factors like the property's condition, size, location, and comparable sales in the area.
1. Required From Lenders When Applying For Mortgage
Lenders want to ensure that the property is worth the loan amount and that their investment is protected.
2. Protects The Buyer From Overpaying
If the appraised value is lower than the agreed price, the buyer can negotiate with the seller or even decide not to proceed with the purchase. This way, they won't end up paying more than what the property is worth.
3. Provides Valuable Insights
Suppose the appraisal comes in lower than the agreed-upon purchase price. In that case, the seller may need to reconsider the price or consider making repairs or upgrades to increase the property’s value. So, whether you're a buyer or a seller, remember that a home appraisal plays a vital role in safeguarding your interests and ensuring a fair transaction.
Hope this guide was helpful! Please do not hesitate to contact me at 647.930.1888 or email info@timsold.com for all things real estate.
