Appraisal When Buying A Home

Buying the right home for you, despite an appraisal shortfall of $5k-$10k, can be the right decision. Maybe the appraisal was faulty or maybe it simply makes sense to pay a little more to get the house you want. If there are 9 other buyers behind you willing to pay a similar amount, you may have no choice but to pay above your appraisal amount.

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A home appraisal is an unbiased estimate of the true (or fair market) value of what a home is worth. All lenders order an appraisal during the mortgage loan process so that there is an objective way to assess the home’s market value and ensure that the amount of money requested by the borrower is appropriate.

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Home Appraisals: 4 Questions Before You Buy A property appraisal is an estimate of a property’s value. Home appraisers are third-party certified or licensed contractors, The cost of home appraisals depends on the property value, location,

This article explains what happens after a home appraisal, during a typical real estate transaction. For many buyers, mortgage underwriting is the next major step in the process. It can take one to four weeks to close on a house (on average), once the appraisal has been completed. We receive a lot.

How is the appraisal different from the inspection I just completed? Here are the answers that you need to get you through one of the final-and most important-steps of the home buying process. What Is a Home Appraisal? A home appraisal is an unbiased report on the worth of a house in the fair market, performed by a trained and licensed.

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