Understanding the Role of an Appraiser in the Home Buying Process

The appraiser plays a very important role in the home buying process. Basically, he or she is tasked to determine the current value of a property by carefully examining the exterior and interior condition of the home, evaluating the amenities and taking note of any health and/or safety code violations. In addition, the appraiser also evaluates the current real estate market in the neighborhood to help determine the real value of the property.

Understanding the Hiring and Payment Process

As a rule, the lender or financing organization chooses a qualified appraiser from a list of reputable appraisers they have hired in the past. Since it is in their interest to get a good appraisal, you can be sure that the chosen appraiser will have all the necessary qualifications (state license, membership in a professional organization, and other certifications) required to do their job.

As to the question of who will pay the appraiser, it is customary that whoever takes out the loan will be responsible for paying for the appraisal of the property, unless specified otherwise. In some cases, the seller may pay for the appraisal just to back his asking price.

The appraisal fee is usually affected by the size, value, and location of the property, and may range anywhere from $300 to $600. If the buyer is paying, it will usually be included in the closing costs.

What are the Benefits of a Home Appraisal?

A home appraisal can provide you with an objective, third party opinion of a property’s current market value, and help you make a more informed offer to purchase. With a properly conducted home appraisal, you can be sure that you are not spending more than what you should for your next home. And that alone is worth the small price you have to pay.

For more valuable tips on selling or buying a home, please visit my site at http://www.pamsantoro.bhhsgeorgia.com/. You can also contact me at 678-656-6627 if you have any questions about local market conditions, financing or anything that can help you with in your search for real estate. Remember, no one sells a home like a Mom!

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