A home appraisal is an unbiased 3rd party estimate of the value of what a home is worth. All lenders will have an appraisal done during the mortgage loan process when you are buying a home, for an objective home market value to ensure the lender’s investment.
Being prepared by knowing what to expect will make the whole process a lot less stressful.
Be prepared for likely delays:
- Following the last collapse in the market, the appraisal industry currently has a shortage of licensed appraisers. Delays are common place and can be especially acute in rural communities such as ours, where lenders are struggling to find appraisers to keep up with demand. It is important to work with a local agent who is familiar with how long appraisals are taking in a specific area and who can draft your purchase offer accordingly. Checking with your lender on expected appraisal timeframes is crucial.
Under value appraisal:
- The valuation the appraiser comes back with may be lower than your offer price. A local agent who is up to date on current market conditions can advise you on what an appropriate offer may be. This will help lessen the chance that you will be making offer that is higher than the current market will support.
Nobody wants a delayed purchase or lose the opportunity to buy their dream home. An appraisal issue can be a major challenge in today’s market. Keep the odds in your favor and call a local agent who can navigate your purchase with the best ending results