Appraisal Report When Buying a Home

August 29, 2007 | In Tips |

Why an Appraisal is Necessary When Buying a Home

You’re working with your real estate agent already, you’ve found the home you’d like to buy, and you have a lender added to your team. But now the lender is requesting a home appraisal before they will agree to give you a mortgage. It’s not a big deal, and in fact, the appraisal will help you with buying a home.

The Information Found on the Appraisal You Need When Buying a Home

Chances are, your real estate agent has already given you the basic facts on the home you would like to buy. If not, you need a new real estate agent. But, the appraisal report will give you very detailed information, and may tell you some things you didn’t know.

- How does the home you’re interested in buying stack up against three others in the area? This is a good question. Your appraisal will give property-to-property comparisons to three similar properties. This is a good indication of what you’re thinking of buying, and if the home is appropriately priced.

- What’s the general real estate market like in the area where you’d like to buy a home? If you have no idea what the market is doing, you lose your leverage. For example, if you are thinking of buying a home where the market is all but dead, this should tell you that you have the upper hand with the seller, and may be able to buy the home for less than asking price.

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