The Home Appraisal Process

April 21, 2020 Mortgage Refinance,Mortgages

MoneyTips

The home appraisal process can be one of the most nerve-wracking parts of a home sale. A single independent party is assessing the fair market value of your home, and the appraiser’s conclusion can sink the deal. Banks will not approve the loan if the appraisal does not give them sufficient collateral.

The primary factors in a home appraisal are the current market trends relating to the location and type of house, the recent sales figures from comparable homes in the area — and, of course, the condition of the home. Appraisers will look for factors in several areas to assess the condition.

  • Exterior – Appraisers will assess the structural basics of the home and the size and condition of the surrounding property. Checks include the integrity of the foundation and roof, any issues with siding, guttering or soffits, and evidence of leaks, cracks or water damage. Expansion capabilities with the property, or any potential issues such as flood-…

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