If you’re a buyer, what really goes on in the appraisal process?
On our team, we order appraisals through our panel of appraisers to see the house that’s being bought. The appraiser measures the house’s dimensions, takes some pictures, verifies some condition items, and then goes back to their office to compare the house to other houses that have recently sold.
The appraiser’s job is to find the most comparable properties—ones that are similar in size, age, proximity, etc. Their primary objective is to determine what the house would be worth if, for whatever reason, you couldn’t pay for it and the mortgage lender had to resell it.
If you have any other questions about the appraisal process or you’re thinking of buying or selling a home in our market soon, don’t hesitate to reach out to us. I’d be glad to help you.