What is an Appraisal?

An appraisal is a valuation of property by an independent, licensed professional known as the appraiser.
The appraiser will review the home itself along with comparable homes in the area and generate a full report on the value of the subject property. They will schedule a visit to inspect, measure, and take photos of the home. An appraisal protects not only the lender’s investment but also you, the buyer.

What if my home doesn’t appraise for the asking sales price?

There are a couple of options in the event that the home value comes in lower than the sales price.

• Review of the report by the real estate agents. Additional comparable home sales or comments are
  then submitted to the appraiser for review and comment;
• The seller may lower the price of the home;
• The buyer may opt to increase the down payment;
• The numbers stay…