What Is The Home Appraisal?
At some point during the home buying process, the buyer will be responsible for ordering a home appraisal. This is the official process wherein a professional appraiser evaluates several different factors to determine the home's current market value. The number they come up with will be important to all involved parties:
- The buyer will probably not want to pay more for the property than the appraisal amount (unless they are engaged in a bidding war with another buyer).
- The seller will likely not want to sell the home for a price that is drastically lower than the appraisal value unless absolutely necessary.
- The lender will typically not authorize a home loan for an amount greater than the appraisal value of the property.
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