ℝ𝕖𝕒𝕝 𝔼𝕤𝕥𝕒𝕥𝕖 𝕍𝕠𝕔𝕒𝕓
What is an appraisal? When to expect it to happen on your new purchase?
An appraisal is the last point of negotiation in your home purchase. An appraiser goes to the home and compares it to others that have sold in the past six months. This ensures it is worth the amount you are buying it for 💰
They also look for safety concerns and the age of the roof 🛠. This is a requirement if you are buying a home with a loan. Some borrowers can get their appraisal waived depending on certain classifications.
Hopefully, your home appraises at or above value 💵. The above value means you already have a little equity in your home! If it appraises low, the buyer and seller will negotiate a new price. In some cases, the seller needs to get rid of the property and will be okay with it appraising low and lowering the purchase price to the appraised value.
Hope this was helpful! We are always here to answer any real estate questions! 🌟
