How does the appraisal process work for a house?
The process results in an appraiser’s report. Lenders typically base the loan amount on the appraised value of the home, not on the asking price. That’s why the appraisal process is so important to both the buyer and the seller.
What happens if you don’t get an appraisal on your home?
Holding out for an all-cash buyer who doesn’t require an appraisal as a condition of completing the transaction is unlikely to net you a higher sales price. No one wants to overpay for a home. Unfortunately, if your surrounding area has experienced recent distressed sales, that can lower your home’s appraisal value.
How are appraisals reviewed by home loan companies?
Most lenders review appraisals through a strict system of checks and balances that compares the appraisal report to other appraisals on all known sales in your neighborhood. This internal review system can catch discrepancies that should be investigated, but any information you can provide to your lender will help.
How are appraisals used in a purchase and sale transaction?
In a purchase-and-sale transaction, an appraisal is used to determine whether the home’s contract price is appropriate given the home’s condition, location, and features. In a refinance transaction, an appraisal assures the lender that it isn’t handing the borrower more money than the home is worth. 1
The process results in an appraiser’s report. Lenders typically base the loan amount on the appraised value of the home, not on the asking price. That’s why the appraisal process is so important to both the buyer and the seller.
How to get an appraisal for antique furniture?
Get your appraisal in three simple steps! As something in common to both the ultra-wealthy and the modest, furniture ranges in value as much as any antique. It is no secret that the current antique furniture market is not strong, but many observe that the best pieces continue to sell well.
Holding out for an all-cash buyer who doesn’t require an appraisal as a condition of completing the transaction is unlikely to net you a higher sales price. No one wants to overpay for a home. Unfortunately, if your surrounding area has experienced recent distressed sales, that can lower your home’s appraisal value.
How long does it take for home appraisal to come back?
The appraisal report could come back in about a week but may take at least 10 days. Know the appraiser may need to call around, check for permits, and verify certain information for the report. If you want the appraisal to come back sooner, make sure your agent is on top…
