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You may also ask the lender for a second appraisal. Any pertinent information you provide could lead the appraiser to reevaluate. Let the lender know if you find errors and think the estimated value is wrong. It’s a good idea to read the report to check for accuracy.

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Amenities, such as fireplaces or decks.Īs the mortgage borrower, you have a right to a free copy of the appraisal report at least three days before the loan closes.

Types of interior and exterior materials.

Sale prices of comparable homes recently sold in the area.

Here are some of the factors they take into account: Home appraisal checklist The appraiser will do market research and usually visit the home to examine the property. Real estate appraisers consider many details to determine a home’s value.

#HOME APPRAISAL CHECKLIST HOW TO#

» MORE: See how to respond to a low refinance appraisal What do home appraisers look for?

#HOME APPRAISAL CHECKLIST PROFESSIONAL#

You can ask to accompany the appraiser on the walk-through of the property as long as it’s OK with the lender, according to the Appraisal Institute, a professional association of real estate appraisers. When refinancing a mortgage, the lender will order the appraisal after you apply. When you’re buying a home, the lender will order the appraisal after you’ve made an offer and signed a purchase agreement.

Home appraisal processĪn appraisal is usually required for a purchase or refinance mortgage, but some government refinance programs generally don’t require appraisals, including FHA streamline, VA interest rate reduction refinance loan ( VA IRRRL) and USDA streamline loans. FHA appraisal fees vary by location and size of the home.Īlthough the lender orders the appraisal, the mortgage applicant typically pays for it as part of the mortgage’s closing costs. The VA loan program has a set schedule for appraisal fees. Home appraisal costĪ home appraisal typically costs about $300 to $400 - with a national average of $336, according to HomeAdvisor. The appraiser doesn’t make recommendations for repairs. The appraiser considers the home’s condition as part of the analysis of how much the property is worth, as well as other factors, such as the local housing market.

After looking at everything the inspector provides an objective report, including repair recommendations.Īn appraisal is an assessment of home value.

#HOME APPRAISAL CHECKLIST WINDOWS#

The inspector walks through and checks the structure from top to bottom, including the walls, ceilings, floors, windows and doors, as well as the mechanical and electrical systems, appliances and plumbing. appraisalīoth an appraisal and a home inspection are important in the homebuying process, but they serve different purposes.Ī home inspection is for evaluating a home’s condition. The property serves as collateral in case the borrower defaults, so the lender wants to make sure the loan isn’t too big, compared with the property’s value. The mortgage lender requires an appraisal to help gauge risk of making a loan. The appraisal is based on research of recent sales of comparable homes in the area, an analysis of the property and the appraiser’s judgment. What is a home appraisal?Ī home appraisal is a licensed or certified appraiser’s opinion of a home’s value. When you apply for a home loan, a lender will usually require an appraisal of the property, whether you’re buying a house or refinancing a mortgage. Real estate appraisers consider many details to determine a home's value.