What Is A Home Appraisal?
A home appraisal is one of the first steps in the home closing process. It is ordered by the lender to determine the current market value of the subject property.
Real estate appraisers provide an unbiased opinion, using many factors when calculating a home’s value, including: condition of the home, lot and home size, home improvements, sale prices of comparable homes and local housing trends.
If the appraisal comes in at or above the contract price, the home closing process can continue as expected. If, however, the appraisal is below the contract price, it can delay or put an end to the home purchase.