Home Appraisal Process- Everything Buyer Needs To Know Buying a brand new house is a dream for every individual. But, bringing your dream home into reality can be a challenging task. The first concern for any buyer is related to the purchase of property at the fair price. This is where the property appraisal process comes into the picture. A skilled appraiser like Naftali Horowitz can prevent the buyers from overpaying for the property. The appraiser will evaluate all the factors and arrive at an estimated value for the real estate property. As a buyer, there are certain things about the appraisal process that you need to take into account.
What is a home appraisal? An appraisal is a process wherein the licensed appraiser goes for the thorough examination of the property for the exact fair value
determination. The appraiser prepares a detailed report which includes all the criteria's and areas covered during the appraisal process. This report conveys valuable information to the buyer. Cost of appraisal: The cost of the appraisal process varies according to the property size and type. Situations, where the appraiser has to perform more work, will result in more cost. Other variables that affect the cost include; local market charges, property uniqueness and limited comparables. What if the appraisal comes low? A low appraisal is what the sellers and buyers need to stay clear of. In the case of a low appraisal, buyers have few options under their disposal. 1. Decrease the price to the appraised value. 2. Cancel the contract. 3. Prefer to go with a renovation loan. 4. Make up the difference in cash
Whether you are buying or selling real estate property, Naftali Horowitz, is an appraiser who can come to your assistance. Before you go for the sale transaction, acquaint yourself with every detail about the appraisal process.