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The appraisal is one of the most important parts of buying real estate. For a home to sell quickly and for the most money, it has to be appraised. In many states, an appraisal is a legal process required before a mortgage lender can finance the home.
In general, home appraisal takes up to a week to process from the original inspection date to the final appraisal estimate. Before the lender can order an appraisal on a new house, you first need to place an offer on the property, have it approved and sign a purchase contract. Then, within a few days, you should have a home appraisal performed by a certified appraiser who is either an agent of the mortgage lender or an independent appraiser hired by the homeowner. The appraiser's report will include the distance from residence to the street, the square footage, price of the house, and many other details. In addition to the report, your lender will want to know what repairs were made to the house, how long it was vacant, whether there are liens on the property, and many other questions. Unsure what else you would be asked? Reach out to a Plentii agent today!
Appraisals are not the only things that are necessary for a mortgage transaction to be completed successfully. Many other factors need to be taken into consideration for your home to be protected and secured. Appraisals will help you in the beginning stages of the process, but there are other factors that should also be considered, such as insurance.
The insurance that you purchase will need to cover the length of the mortgage loan. If you are not covered with insurance at this time, then you will not be protected in the event of a catastrophe. You should always put the interest of you and your family first and foremost. This means that if you have any health issues or other financial obligations that you must take care of before you refinance, then you should do so.
When a mortgage refinance loan is being applied for, usually both appraisals are done. Appraisals are typically based on the type of property, such as a commercial or residential, manufactured dwelling, or manufactured home. If the appraisal is for a residential property, the mortgage lender will require that the appraiser looks at the neighborhood in which you live as well as at the specific home you are trying to sell. This ensures that your home is comparable to others being sold in the area and that you are asking for the right price.
Most homebuyers ask their lenders for a "free" appraisal. The lender's appraiser will generally have no obligation to you and will not charge you for the appraisal. But sometimes, it can be a good idea for you to get this appraisal done. Free appraisals are typically from the Fannie Mae website or a local real estate agent. Free appraisals can save you time and money when you are shopping for a new mortgage.
If you're getting a "low appraisal" or a "standard appraisal," you will be able to get a more accurate figure than if you go with a free appraisal. Generally, a low appraisal means that the seller is trying to make it seem like they offer a good deal. However, a low appraisal can mean that the seller is selling something that is significantly under market value. A standard appraisal on the other hand, is one given to you at the time of closing.
You need to get an appraisal when you are shopping for a new home. At Plentii, we know that one of the biggest mistakes people make is to think that the selling price is the only thing that matters. Your new realtor will be able to give you a much more accurate figure based on recent home improvements. Your appraiser can also tell you about any recent home improvements that could affect the selling price.
An example of where a low home appraisal can come from is if a previous owner had finished renovations. If the previous owner painted a room and put down new carpet, but it looks terrible, the new owner will probably give a low appraisal. You can also get low appraisals if there are many things wrong with a property. This can include things like mold, plumbing, or wiring.
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The point of getting an appraisal when looking to buy a home is to make sure the sales price is not too low. Even if the sales price is low, the appraisal can be lower than the sales price. This is why it is necessary to have a certified appraiser look at the house before signing the purchasing papers. A certified appraiser will let you know whether the home has been appraised beforehand by the seller, and you will know what the actual value is before you make your purchase. Buying a home can be really exciting! Contact a Plentii agent today to make sure that you are protected over the life of that purchase.