A home appraisal is a required part of the loan process and is conducted by a independent certified appraiser. The appraiser's job is to provide an objective, impartial and unbiased assessment of the property's fair market value. The appraiser's report includes a detailed look at the home's general condition and a review of the surrounding area.
Valuation is heavily determined by similar home sales in the same locale within the last 6 months. Location, structural improvements, size and amenities are some other factors that are also considered. Appraisal guidelines are dictated by legal requirements as well as the type of loan
The appraisal protects both you and the lender. It acts as a safeguard to ensure ensure that a home's sales price is reasonable.
We will make sure you have a copy of the appraisal report. Contact us with any questions.
Pauline Lee | (617) 965-1988 x205 | firstname.lastname@example.org | www.indmortgage.com