What To Expect During Home Appraisal

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The home appraisal occurs after you accept an offer and usually within seven days after an inspector has reviewed your home. In other words, once you and the buyer have worked out details about a price, repairs, and credits-essentially all the financial give and take-the lender will send in an appraiser to assess the fair market value of the home.

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Appraisal fees vary by state, but appraisers must charge customary and reasonable fees for the area. Expect to pay $300 to $500 for an appraisal of a standard single-family home.

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What do appraisers look for when doing an FHA appraisal? These days it’s important to be in tune with FHA appraisal standards so your home can be FHA-ready or so you can know what to expect if accepting an FHA offer. Let’s talk through some of the most common FHA issues below. You can also.

3 What to Expect During a Home appraisal 4 fill Out an Inventory List After a House Fire A home appraisal is a survey of your home performed by a professional appraiser who is trained to determine.

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Here’s what happens leading up to, and during, the home appraisal process: The buyer / borrower makes an offer to buy a house. The seller accepts the offer, eventually, and the two parties sign a purchase agreement. The signed purchase agreement will then go to the buyer’s mortgage lender. The lender will order an appraisal.

To explain the home appraisal process in more detail, I invited Thomas R. Kennedy III, vice president at broad street valuations, Inc., an independent nationwide appraisal management company specializing in residential real estate appraisals, to explain how a home appraisal is conducted and what factors are considered during the process. Here.

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