Home Appraisals 101
You've made an offer, the sellers have accepted, and everything is progressing smoothly. Before your lender can finalize your loan, however, he/she will need to procure a home appraisal. Home appraisals don't specifically indicate how big of a loan you can qualify for, but they still play an integral part of the lending process. What Is A Home Appraisal? During a home appraisal, a certified home appraiser will evaluate your home to determine its current market value. Your home will be evaluated and compared according to several different criteria, depending on which appraisal method is used. With the sales comparison method , the appraiser will evaluate your home according to the... Sale Price of Comparable Homes (also called "comparables" or "comps") Size of the Lot Amount of Finished Square Footage Amount of Unfinished Square Footage Style of the Home Age of the Home With the cost method , the appraiser will evaluate your home to deter