Another critical element necessary in the home buying and selling process includes an appraisal service. Ultimately, an appraiser determines an unbiased real and fair value of the property being purchased/sold.
Typically, the buyer pays for the report and the lender hires an appraiser. Appraisers need to perform some detective work to accomplish their goal of placing a value on a property. They must research many elements –
An appraisal report will be provided back to the lender anywhere from two days to two weeks or more following the investigation.
A buyer is unlikely to secure a mortgage if the place they’re purchasing doesn’t appraise for as much as they agreed to pay. You may love a particular home and be willing to spend a million dollars on it. But, if it appraises at a fraction of the cost, no one will be willing to lend you the money.
Ultimately, an appraisal ensures that banks don’t shell out more money than necessary, it also protects new homebuyers from borrowing more than they should.
If you don’t know where to start, Wright Realty is happy to work with you to locate a reliable appraisal services company.