An appraisal is an unbiased professional opinion of a home’s value and is required whenever a mortgage is involved in buying, refinancing, or selling a property.
A qualified appraiser creates a report based on an in-person inspection, research into recent sales of similar properties, current market trends, and the details of the home, including its size, condition, floor plan, and amenities.
The borrower usually pays the appraisal fee. When the appraisal value is lower than expected the transaction can be delayed or canceled. If your appraisal came in low don’t worry just yet. Check out this blog where we give you tips and tricks on what to expect next in the process when you receive a low appraisal.
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