Do you know what your home is worth?
It’s a valid question since buying a home is typically the largest purchase a person will make in their lifetime.
For starters, you don’t want to buy a home with a price that is over market value. But more importantly, you don’t want to waive an appraisal to find out later that the home is riddled with problems.
Yeah waiving an appraisal may save you $500 now but it might cost you thousands in repairs later.
An appraisal report is like a road map to the house you plan to buy, so it gives you a good idea of the homes overall profile. Whether you are a seller or a buyer, there are many benefits to ordering an appraisal report
Just see for yourself:
- Value of the property
- Size of the lot and structures
- Condition of home
- Repairs needed
- Detailed pictures
- Comparables of similar homes in the area
We’re not through yet…
In cases where there are needs for repairs it is in the buyer’s best interest to have the repairs made by the seller before closing or at the very least an agreement to make repairs outside of escrow.
Pro tip: Sometimes a buyer can alleviate the cost of an appraisal by requesting a lender credit from the loan officer or ask that the seller pay for it.
Remember, it never hurts to ask!
Lastly, comparables are a great way to determine how much similar properties sold for in the area. If similar properties sold for less, you can use that as a bargaining chip to have the seller lower the asking price.
Please fill out the contact form below for any questions you may have about home loans including qualification and how much you qualify for.