A home appraisal / home evaluation is a process through which a real estate appraiser determines the fair market value of a home. It can assure you and your lender that the price you've agreed to pay for a home is fair. Appraisals are also often used to determine property taxes, which makes them a requirement in most counties.
When preparing a property evaluation or appraisal, the appraiser will ask questions about how the home is configured and whether the property was and is in good repair. The property appraisal report may include photos of the property and exterior, detailed information about the roof, windows and exterior painting, and an estimate of what future maintenance costs might be.
Perhaps the most important thing to remember is to know your real estate transaction needs. Be aware that many counties require multiple inspections, appraisals, and property evaluations, or a written offer to purchase or finance, which might require a significant advance payment. In some cases, you may need to choose a property, work with a real estate broker, and then do a negotiation.
The best advice I can give is to be aware of what your real estate transaction needs are. Consider what it would mean to spend a lot of money on property, then spend even more in fees and not receive your money or property. Find out what is required of you and you will avoid problems and find a solution.
Contact Us. We're eager to help!