Real Estate in Oregon

Home Appraisals: The Basics

What is a home appraisal?

A home appraisal is when an approved appraiser who has no connection to the sellers, buyers, lenders or realtors accesses a home to give an unbiased estimate the true value of a home. Lenders require an appraisal to make sure the home is worth the amount they’re lending. An appraisal might include sales of similar properties, location, condition of the proper and more. It may also help to see how the neighborhood affects the property value.

Why do I need a home appraisal?

Lenders cannot loan on a home that has not been appraised.  It is part of the loan process for buyers.  Also, if a seller is looking to sell sometimes appraisals can help determine the value for listing.

Who pays for the home appraisal?

The buyer normally pays for a home appraisal.  Sometimes the home buyer can also pay for a rush as the appraisal industry is low in appraisers and very backed up. The average cost of a home appraisal is $300 to $500.

 

https://www.discover.com/home-loans/articles/the-home-appraisal-process

http://money.usnews.com/money/personal-finance/articles/2015/08/20/what-you-need-to-know-about-home-appraisals

https://www.quickenloans.com/appraisal-process

http://www.realtor.com/advice/buy/what-you-should-know-about-the-appraisal-process/

http://www.lendingexpertblog.com/infographic-the-art-and-science-of-home-appraisals/

 

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