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The Home Appraisal Process and Cost Because the appraisal primarily protects the lender’s interests, the lender will usually order the appraisal to be done. The borrower generally pays the fee. An appraisal typically costs several hundred dollars, although the fee can vary depending on the size and condition of the property and the level of… Continue reading The Home Appraisal Process and Cost

A property’s appraisal value is influenced by recent sales of similar properties and by current market trends. The home’s amenities, including the number of bedrooms and bathrooms, the floor plan’s functionality, and the square footage are also key factors. The appraiser must perform a complete visual inspection of the interior and exterior and note any… Continue reading What Does a Home Appraiser Look At?

What Is in an Appraisal Report? Most appraisers use the Uniform Residential Appraisal Report from Fannie Mae for single-family homes. The report asks the appraiser to describe the interior and exterior of the property and the neighborhood. It asks for the prices of comparable sales nearby. The appraiser also provides an analysis and conclusions about the property’s value based… Continue reading What Is in an Appraisal Report?

When you’re buying a home and are under contract, the appraisal will be one of the first steps in the closing process. If the appraisal comes in at or above the contract price, the transaction proceeds as planned. If the appraisal comes in below the contract price, it can delay or derail the transaction. Chances are… Continue reading What Homebuyers Need to Know About Appraisals

Appraisals can help buyers avoid overpaying for homes, but a seller may feel that a low appraisal is inaccurate and be reluctant to drop the price. If a bad appraisal is standing between you and your home purchase or sale, consider getting a second opinion by bringing in another appraiser. Appraisers can make mistakes or have imperfect… Continue reading What Can Go Wrong with a Home Appraisal?

As a seller, a low appraisal means you may have to lower your home’s price to get it sold. Holding out for an all-cash buyer who doesn’t require an appraisal as a condition of completing the transaction is unlikely to work. Even cash-rich buyers don’t want to overpay for a home. If your neighborhood has… Continue reading What Home Sellers Need to Know About Appraisals

If you’re refinancing a conventional mortgage, a low appraisal can prevent you from doing so. The home needs to appraise at or above the amount you want to refinance for your loan to be approved. If your existing mortgage is an FHA mortgage, you can refinance without an appraisal through the FHA streamline program—a great option for underwater homeowners.