YOUR PERSONAL GUIDE TO HOME APPRAISAL

Dated: April 3 2020

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Your Guide to the Home Appraisal

You’ve found your dream home and now it’s time to cross all your T's and dot all your I's before it’s all your own.

And one of the first items on your closing checklist the home appraisal. So, what exactly is that?

The home appraisal is essentially a value assessment of the home and property. It is conducted by a certified

third party and is used to determine whether the home is priced appropriately.

During a home appraisal, the appraiser conducts a complete visual inspection of the interior and exterior of the

home. He or she factors in a variety of things, including the home’s floor plan functionality, condition, location,

school district, fixtures, lot size, and more. An upward adjustment is generally made if the home has a deck, a

view, or a large yard.

The appraiser will also compare the home to several similar homes that were sold within the last six months in

the area.

The final report must include a street map showing the property and the ones’ compared, photographs of the

interior and exterior, an explanation on how the square footage was calculated, market sales data, public land

records, and more.

After it is complete, the lender uses the information found to ensure that the property is worth the amount

they are investing. This is a safe-guard for the lender as the home acts as collateral for the mortgage. If the

buyer defaults on the mortgage and goes into foreclosure, the lender generally sells the home to recover the

money borrowed.

Blog author image

Maurice Murphy

Hi, I'm Maurice Murphy, a retired veteran, and a licensed Florida Realtor; I'd love to assist you. Whether you're just in the research phase at the beginning of your real estate search or you know exa....

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