Home Appraisal Resources

Lenders have the home appraised to compare the actual value of physical assets, in this case the home,  in order to determine the loan amount. 

If the appraised value of your home is higher than the sales price, there is no impact to you.  When the property appraises for a lower value than the sales price, the lower appraised value is used to determine your loan amount. 

If the property is appraised lower than your sales price to complete the sale, you may have to increase the down payment to make up the difference between the appraised value and the purchase price. 

The physical inspection of a typical property usually takes between five and fifteen minutes.  Some times an inspection can take longer if the house is difficult to measure or has some unique features that require additional investigation by the appraiser.

Typically, an appraiser needs to document the condition of the property, both inside and out, from the layout and features to degree of modernization including any updates as well as the overall quality of construction. This information will help to assist the appraiser throughout the valuation and comparison process. 

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