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Home Appraisals: First Time Home Buying Video 13

Appraisals are an both an important and necessary part of the home buying process. Furthermore, an appraisal is really in the best interest of the home buyer because it ensures that you are paying what you should for your home. So, we encourage you to remain patient throughout this period of the home buying process. You’re almost done!

The appraisers job is to justify the market price of the house to the bank.

This ensures that you are buying a home that is marked at value.

An appraisal is typically required by the lender, which means you can’t buy your home until the appraisal is completed. Once the appraiser is hired, they will go into your home and assess the style, finishes and size of your home. The appraiser will then take the information about the unique features of your home and compare them to like houses in the area. At this point, they can come up with an estimated value of the home. This value will be passed on to both the lender and the home buyer.

Still have questions about the appraisal process? Be sure to watch the video above. Then, let us know what you think about our home buyers series by posting a quick comment in the comments sections below. We want you to feel completely confident going through this process!

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