advantage of buying a home

The appraisal process usually starts once your loan officer requests the appraisal and payment is made.

A single-family home appraisal typically costs anywhere from $450 to $800.

The cost depends on the home’s size and the property type.

After the appraisal request has been assigned to an appraiser, the following steps take place:

1. Assessment of property

An appraiser will visit the home to review the house’s condition, take measurements to verify the square footage, and take photographs for the report.

2. Review of comparable sales

The appraiser will try to find recent sales of similar properties sold close to the neighborhood using the MLS system. 

MLS is the same system that real estate agents use to find houses for sale.

The recent comparables are what help the appraiser determine the market value.

3. Appraisal report

An appraisal report will be provided with the home’s market value, including photos and information on comparable sales.

The mortgage underwriter will review this report and confirm that the home’s value is acceptable for the loan.

How long does it take to receive the appraisal?

The answer is it depends. It can take anywhere from a few days to 2 weeks.

However, when the real estate market is busy, it can take as long as 4 weeks due to the need for more appraisers.

Is an appraisal required?

When buying a home, lenders require an appraisal to determine the market value and ensure you aren’t overpaying for the property.

Why is it required?

Because lenders need to know how much the property is worth to provide financing.

An appraisal ensures you aren’t overpaying for a home, and the lender isn’t financing a home loan for more than the value.

Next:


Are you ready to apply? Start the process by completing the form below.

  • Are you looking to buy or refinance a home?
  • What is your price range?
  • Do you currently own a home?
  • What type of property are you buying?
  • When are you planning to make your home purchase?
  • Have you (or your spouse) ever served in the US military?
  • Have you declared bankruptcy in the past 7 years?
  • Is this your first time purchasing a home?
  • What is your current credit score?
  • What is your email address?
  • What is your name?
  • What is your phone number?



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