The Appraisal: How to Prepare and What to Expect
Weather you are buying your first house, investing in a vacation property, or refinancing your home sweet home, an appraisal will always be part of the process. Your Favorite Real Estate Team is the best real estate business at the Lake of the Ozarks , and we are very familiar with the home buying process. Today we are going to walk you through the details of an appraisal so you know how to prepare and what to expect. Read on to learn more! What is an Appraisal? The real estate appraisal is a service that is ordered by the mortgage lender during the real estate transaction process. An appraisal’s purpose is to determine how much a home is worth. Appraisers go over the house and property in detail and then create a comprehensive report about the home and what its value is. Who is Responsible? Appraisers need to be unbiased when they make their assessment of a home, so they are hired by the mortgage lender, rather than the buyer or seller of the home. The cost of the appra...