Why is Home
Appraisal necessary? A Home Appraisal determines the value of a home.
This informs both the seller and the buyer how much the house should
be priced at for the purchase.
This will tell the buyer and the lender if they could be overpaying
for the home.
The lender will contact an Appraiser, who will visit the property and
tell the lender what the property is worth. Once the Appraiser walks
through the home, he/she will review the condition and will measure
the square footage of the house. The Appraiser will analyze the neighborhood
and see what homes like the one you wish to purchase are selling for.
If the Appraised Price matches the sale price, then the offer will proceed
However, if the Appraised Price is different from what you agreed to
pay for the home, changes will have to be made. You might have to refigure
the sales price, come up with more cash, or possibly terminate the contract
to find a more suitable property that meets your financial needs.