Home Appraisal
What is a home appraisal? An appraisal is a written document by a Licensed Appraiser hired by your Lender you put a mortgage on a home.
The Appraiser’s responsibility is to make sure the home is worth what you are paying for it and the Lender is loaning on it. It might surprise you to know that your down payments may also be taken into consideration. The Appraisal is not necessarily the value of what the home is worth.
The major determining factor is based on sales in the neighborhood of similar homes in size, condition, and style, for the previous six to twelve months. These figures are derived from the same MLS system that REALTORS® use.
If your home purchase is a non-qualifying assumption or a cash sale, an appraisal is not required and in most cases, one is not done.