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Understanding the Home Appraisal Process
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A home appraisal is a required part of the loan process, and is conducted by a certified appraiser who evaluates and determines the property's fair market value.
The appraiser's report includes a detailed look at the home's general condition and a review of the surrounding area.
Since housing markets fluctuate—as do home values—appraisers rely heavily on recent home sales within the last six months in the local area to determine fair market values. Location, structural improvements, size and amenities are some other factors that are also considered.
For buyers, appraisals can be a safeguard to ensure that a home's sales price is reasonable.
For sellers, appraisals also take into consideration any improvements and upgrades, as well as the land's value.
It is important to note that appraisal guidelines are dictated by legal requirements as well as the type of loan being issued. The appraiser's job is to provide an objective, impartial and unbiased assessment of the property's fair market value.
If you or someone you know would like to learn more about the home appraisal process, please get in touch. We're happy to help!
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For professional use only. Not intended for consumer distribution.
Equal Housing Opportunity. Figures deemed reliable, but errors may occur. Rates and terms subject to change without notice. This is not an offer to make a loan or to make a loan on any particular terms. All loan applicants must qualify under the underwriting requirements and satisfy all contingencies of loan approval. BDR Mortgage Capital, LLC. NMLS Number 1702138. Corporate Address: 23 South 8th Street Suite 1500 Noblesville, IN 46060.
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BDR Mortgage Capital Brian Reno 23 S. 8th St. Suite 1500 Noblesville, IN 46060
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