Home Buying Appraisal at Buying

Home Buying Appraisal. For mortgage lenders, an appraisal provides proof that a home is valued at the proper level to approve a mortgage. If you’re reading this article, there’s a good chance that congratulations are in order!

A home appraisal is used to help lenders, buyers, and sellers come to an understanding of how much a home is worth, or its market value. If you’re reading this article, there’s a good chance that congratulations are in order! Appraisers visually inspect the home and compare it to similar homes in the area.

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An appraisal is not required in the case of a cash purchase, but it is a good idea to confirm the value of the home. Before the lender can order the appraisal on a new property, you must put an offer in on the home, have it accepted and sign a purchase agreement. Our job is to help you find the best property to buy or lease to help you make the right choice. The fee for the appraisal is typically included in your closing costs—around $300 to $400.