Appraisals

 An appraisal is a professional opinion of a home’s value. Lenders use it to make sure the home you are buying is worth the amount you’re borrowing. The appraiser is a licensed, independent third party who evaluates the property, neighborhood, recent sales, and overall condition.  

Appraisals help:

• Confirm the home’s fair market value
• Protect buyers from overpaying
• Ensure the property meets basic condition standards for the loan program

If the appraisal comes in at or above the purchase price, everything moves forward as planned.

During the appraisal, the appraiser reviews:

• The home’s size, age, and layout
• Number of bedrooms and bathrooms
• Overall condition and updates
• Comparable homes recently sold nearby
• The neighborhood and surrounding market

This information is used to determine the property’s value.

A low appraisal doesn’t mean your homebuying journey is over. You may have options, such as:

• Renegotiating the purchase price
• Paying the difference out of pocket
• Reviewing whether the report needs corrections
• Switching loan programs (in some cases)

I’ll help you understand your options so we can choose the best path.

 Yes. Even though the lender orders the appraisal, you receive a copy once it’s completed. This is your right as the borrower.  

These two are very different:

• Appraisal: Determines value for the lender
• Inspection: Evaluates the condition for your protection

Most buyers choose to get a home inspection even though it's not required by the lender.

 The appraisal is simply a safeguard to ensure the home’s value supports your loan. It’s a normal part of the mortgage process, and I will walk you through every step.