{"id":21127,"date":"2022-03-23T11:59:42","date_gmt":"2022-03-23T15:59:42","guid":{"rendered":"https:\/\/lakelandgazette.info\/news\/?p=21127"},"modified":"2022-03-23T11:59:47","modified_gmt":"2022-03-23T15:59:47","slug":"home-appraisal-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/lakelandgazette.info\/news\/2022\/03\/23\/home-appraisal-what-you-need-to-know\/","title":{"rendered":"Home Appraisal: What You Need to Know"},"content":{"rendered":"\n

So, you\u2019ve found the house you love, put in a good offer, and it was accepted. But don\u2019t break out the moving boxes just yet.<\/p>\n\n\n\n

\"\"
Businessman and businesswoman negotiate over building plan, architects work on house construction project, real estate agents discuss layout at office desk, property value estimation, home appraisal<\/figcaption><\/figure>\n\n\n\n

If you\u2019ve applied for a mortgage, your future home still needs to undergo a home appraisal. Read further to learn more about appraisals and how you can benefit from them.<\/p>\n\n\n\n

What is it?<\/h1>\n\n\n\n

A home appraisal is an estimate of the home\u2019s value. Just because you and the seller have agreed on a price doesn\u2019t mean it\u2019s a done deal.<\/p>\n\n\n\n

If you\u2019ve applied for a mortgage, your lender needs to be on board. After all, it\u2019s the lender\u2019s real estate investment as well.<\/p>\n\n\n\n

To finalize a mortgage, you\u2019ll need to get a home appraisal. The home in question will also serve as collateral for your lender.<\/p>\n\n\n\n

If for some reason you end up not being able to make your mortgage payments, the lender will foreclose and then, sell the property to recoup its costs.<\/p>\n\n\n\n

What\u2019s the process?<\/h1>\n\n\n\n

The process is like getting comps \u2013 recently sold houses used to determine the value of a home \u2013 the appraiser dives deeper to determine the exact value.<\/p>\n\n\n\n

They will investigate the condition, square footage, location, and any additions or renovations. From there, they will appraise the home and determine its value.<\/p>\n\n\n\n

An appraiser is trained to be unbiased. They\u2019re sent out to determine if the home is worth what you\u2019re planning to pay.<\/p>\n\n\n\n

They will pay particular attention to problems with the foundation, roof, etc. It will not include the quality and condition of the appliances, plumbing, flooring, and electrical system.<\/p>\n\n\n\n

Sometimes, they will evaluate the current market in the neighborhood to help determine its value.<\/p>\n\n\n\n

Who covers the cost?<\/h1>\n\n\n\n

Usually, the lender or financing organization will hire the appraiser.<\/p>\n\n\n\n

Because it\u2019s in the lender’s best interest to get a good home appraisal, the lender will have a list of reputable pros to appraise the home.<\/p>\n\n\n\n

Unless the contract specifies otherwise, whoever takes out the mortgage pays for the home appraisal. They will then pay this fee in the closing costs.<\/p>\n\n\n\n

If a seller is motivated, they may pay for the home appraisal themselves to back their asking price. Which, in return, will benefit the buyer by reducing their closing costs.<\/p>\n\n\n\n

The appraiser doesn\u2019t work for you, only your lender<\/h1>\n\n\n\n

As the buyer, you\u2019ll be paying for the home appraisal. In most cases, the fee is included in your closing costs.<\/p>\n\n\n\n

However, just because you\u2019re paying for it doesn\u2019t mean you\u2019re the client. This ensures that the appraisers remain ethical.<\/p>\n\n\n\n

But remember, the home appraisal is meant to protect you (and the lender) from a bad purchase.<\/p>\n\n\n\n

For example, it’s generally fine if the appraisal comes in higher than asking price. But if it comes in lower, things can get tricky.<\/p>\n\n\n\n

This is because your lender won\u2019t give out more money than the appraised price.<\/p>\n\n\n\n

If your contract was contingent<\/a> on an appraisal, you could walk away and have your earnest money refunded<\/a>.<\/p>\n\n\n\n

If you decide you still want the house, you\u2019ll have to cover the additional cost some way, somehow.<\/p>\n\n\n\n

All in all, once the appraisal and home inspection are done, you\u2019re ready to move to close<\/a> without another nerve-wracking step in the process.<\/p>\n\n\n\n

SOURCE<\/a><\/p>\n\n\n\n

S&D Real Estate Services, LLC
2000 E. Edgewood Drive; Suite 103
Lakeland, FL  33803-3600<\/p>\n\n\n\n

863-824-7169<\/a><\/p>\n\n\n\n

dee@shawnanddee.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

So, you\u2019ve found the house you love, put in a good offer, and it was accepted. But don\u2019t break out the moving boxes just yet. If you\u2019ve applied for a… <\/p>\n","protected":false},"author":1,"featured_media":21128,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","_seopress_robots_follow":"","_seopress_robots_imageindex":"","_seopress_robots_snippet":"","_seopress_robots_primary_cat":"0","_seopress_robots_breadcrumbs":"","_seopress_robots_freeze_modified_date":"","_seopress_robots_custom_modified_date":"","_seopress_robots_canonical":"","_seopress_social_fb_title":"","_seopress_social_fb_desc":"","_seopress_social_fb_img":"","_seopress_social_fb_img_attachment_id":0,"_seopress_social_fb_img_width":0,"_seopress_social_fb_img_height":0,"_seopress_social_twitter_title":"","_seopress_social_twitter_desc":"","_seopress_social_twitter_img":"","_seopress_social_twitter_img_attachment_id":0,"_seopress_social_twitter_img_width":0,"_seopress_social_twitter_img_height":0,"_seopress_redirections_value":"","_seopress_redirections_enabled":"","_seopress_redirections_enabled_regex":"","_seopress_redirections_logged_status":"","_seopress_redirections_param":"","_seopress_redirections_type":0,"_seopress_analysis_target_kw":"","inline_featured_image":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"wpai_generated_summary":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"dois","default_image_id":71799,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[2117],"tags":[2586],"class_list":["post-21127","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-people-talk-real-estate","tag-home-appraisal-what-you-need-to-know"],"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/posts\/21127","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/comments?post=21127"}],"version-history":[{"count":0,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/posts\/21127\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/media\/21128"}],"wp:attachment":[{"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/media?parent=21127"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/categories?post=21127"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/tags?post=21127"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}