The appraisal is a crucial element in the home buying process. It involves a third-party professional assessing the property's value, which aids in determining the loan amount.
In adherence to government regulations, appraisers selected for mortgage transactions on conforming loans are randomly chosen from a qualified pool. Neither the borrower nor the lender has the discretion to choose the appraiser who will evaluate the property.
Feel free to contact us anytime with questions about your loan status or next steps.
Appraisals 101
Essential components of an appraisal
The Evaluation Criteria: Site, encompassing location, view, topography, lot size, utilities, zoning, external influences, highest and best use, landscaping features, etc.
Architectural Design: Assessment of construction quality, finishing details, installed appliances, and distinctive attribute, etc.
Property Condition: Consideration of age, deterioration, renovations, upgrades, and additional amenities…
Health and Safety Standards: Evaluation of structural integrity and compliance with building codes…
Dimensions: Examination of both above-grade and below-grade improvements…
Community Environment: Comparison of the property to others in the neighborhood…
Practicality: Determination of whether the property serves its intended purpose in terms of style and functionality…
Parking Facilities: Assessment of available parking amenities such as garages, carports, and workshops.
Other Factors in Determining Value:
The appraiser readily observes curb appeal, lot dimensions, and alignment with the neighborhood standards upon arriving at your home in the neighborhood.
