The Ins and Outs of a Home Appraisal
A home appraisal is a big part of the home-buying process. Having a better understanding will allow you to better negotiate and avoid the stumbling blocks. A home purchase is a financial obligation but it also is a very emotional decision. When it comes to the appraisal of your home, this is what the mortgage lenders will be most concerned about. 
A home appraiser is a middle man literally speaking. An appraiser will always be your neutral opinion. In order for you to obtain a mortgage, your home must pass an appraisal. An appraisal is an assessment of the property’s value by an unbiased third party.
The unbiased third party is known as the appraiser who is state-licensed or certified. They will look at the home as a neutral party taking into consideration the home’s location, age, condition, additions or renovations and recent sales of comparable homes.
When you are in the midst of your home purchase, you the buyer will be the one who is responsible for paying for the appraisal. The appraisal fee is usually bundled in with your closing costs. A typical fee would be anywhere from $330 and $440. The cost will depend on the home’s square footage and if it has an unusual floor plan.
Once the appraiser completes the appraisal, they will present you with a report. The report will give an analysis of the property and data on comparable homes. Once your appraisal goes to you and your lender. If the appraisal matches the value of the price you and the seller agreed upon, then your loan will go to process. If the appraisal comes in higher, then you gain immediate equity. If the appraisal comes in lower, you will have to come up with the difference between what the lender will lend you and the amount you agreed upon with the seller.
Remember going at this alone is very stressful. Go with a local sales agent who can help you with the homebuying process from start to finish. A local agent will also be a great source for the perfect lender for your needs.
