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| Home | Ask Your Question | Mortgage Glossary | ||
AppraisalAn estimate of the value of property, made by a qualified professional called an "appraiser". Before a lender will lend you the money for a home, they will first require an appraisal to be done by a qualified licensed appraiser.An appraiser will go out to the subject property and do an inspection of the inside and outside of the property and take pictures as well as measurements to determine square footage. Once completed, the appraiser will complete a written report of approximately twelve to eighteen pages. The appraisal will include an assessment of the value of the home based on an opinion of fair market value. Comparable sales within your neighborhood during the last twelve months are also used to determine fair market value.Appraisers prefer to be paid at the door. However, some are willing to be paid at closing. |
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