Colorado Springs Real Estate

Buying a new home in Colorado Springs is a wonderful investment, but it’s not as easy as find, click, buy. From the moment you find your dream home to the day where you sign the paperwork and become the official owner there are many hoops that have to be jumped through, appointments to schedule for the home, and discussions to have with your lender and your Colorado Springs real estate agent . One of those hoops is the appraisal. This is a valuable step in buying your home, but do you really know why you need it? Here are a few things you need to know about your appraisal. Why Do You Need One? An appraisal is simply the valuation of your property or home, which allows you to purchase it. You need an appraisal because most lenders actually require it when you use the home as collateral. Lenders want to be assured that the property is actually worth the lending guidelines. Who Does the Appraisal? The appraisal is generally done by a third party individual. The person can have ...

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...