Getting a Home Appraisal
Your destination for home appraisal information.
An appraisal is a type of inspection that results in an accurate estimate of the value of a home. Mortgage lenders will require an Appraisal as part of the loan process in order to verify the value of the home, as a confirmation of market value is required for a lender as a part of their risk assessment. An appraisal takes place during the conditional period of the home buying process.
A real estate appraisal indicates such factors as economic life and condition of the property. Costs can vary depending on the need for further inspections, but a residential home appraisal starts at $250.
A REALTOR™ will provide comparables and a Comparable Market Analysis (CMA) that would provide the buyer or seller with an appropriate range for fair market value. However, Realtors are more knowledgeable of the properties than the appraiser.
If a buyer gets their appraisal back and the appraised value is less than the current list price, it can help them to negotiate the price.