Appraisals, in the real estate world, are opinions of value carried out by state-certified professionals. As one of the initial steps in the closing process, your lender usually requires an appraisal to assess the risk of approving the loan. You will pay the appraisal fee as part of your closing costs. Appraisals are also useful when applying for a home equity loan, refinancing your home, or appealing tax assessments.
A licensed appraiser will visit the property in person to evaluate factors such as age and lot size, appliances, and home improvements. Appraisers will take these physical factors into account while conducting a comparative market analysis (CMA) on recently sold homes in the area. You should review your free copy of the appraisal report to ensure accuracy. If the appraisal goes through quickly and you receive loan approval, your final step is to sign all necessary documents to make the home yours!
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