Now you learn that your dream home is valued at $249,000 — a full $51,000 lower than the asking price! Your lender won’t loan more than the appraisal. So what do you do? What do the appraisers really look at? A common myth about the home appraisal is that curb appeal and general tidiness of the home will help bring … Read More
Home Appraisal Methods
When you apply for a mortgage, your lender typically requires the property to be appraised by one of their approved appraisers. This practice helps create more consistent appraisals and gives you assurance that the appraiser is properly licensed and certified. Even though the home appraisal is the lender’s requirement, it’s the borrower’s responsibility. You usually pay for it as part … Read More
How Home Appraisals Work
You’ve found your dream home. The asking price is $300,000 — an amount you’ve already been pre-approved for by your bank. But is the home really worth that amount? That’s the question at the heart of the home appraisal. The worth, or value of the property, will determine how much a lender is willing to give you to buy that … Read More