3 Things to Know About Home Appraisals

Published On: August 18th, 2019|Categories: Appraisal, Blog|

When you’re buying a home for sale in Aspen or anywhere else, and you’re using a mortgage loan, your lender will most likely require you to get a home appraisal. Home appraisals can be a little bit confusing, though, so here’s what you need to know.

3 Things to Know About Home Appraisals

#1. What is an appraisal?

An appraisal is a professional estimate of a home’s value. It’s based on several factors, including:

Location
Amenities
Condition
Recent sales of similar properties in the same area

#2. Who performs a home appraisal?

A home appraiser is a professional your lender chooses. You don’t get to pick your appraiser (although you do have to pay for it, but more on that later). Appraisers understand how to evaluate a property based on its location, amenities and condition, and how to compare it against similar properties. They also know how to evaluate a home based on intangible factors, like neighborhood growth, housing trends and current market conditions.

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#3. Who pays for an appraisal?

While your lender chooses the appraiser, you have to pay for it. Usually, the buyer pays the fee along with closing costs, but you can sometimes choose to pay it up-front and save some cash on closing day.
The appraisal fee will be included in the documentation your lender gives you before closing.

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