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Home Buying Terminology -- What's An Appraisal?

During the home buying process, you'll hearprotects  its  own  financial  interests.
the term "appraisal" mentioned at some point.
Generally, you'll have little control over
Chances are, you already have a general ideathe appraisal process and won't even be
what this term means. But when it comes topresent for it. Chances are, your lender will
mortgages and home buying, you need to knowarrange the appraisal, and the house will
exactly what an appraisal involves and how iteither appraise at the asking price or not.
affects  you.Hopefully  the  former.
First,  a  definition:If the home appraises for less than the
asking price, you have two options. You can
Appraisal -- A professional appraiser'scome up with the difference, or the seller
estimate of the market value of a property.can reduce the asking price to match the
Appraisals take into account the local marketappraisal.
conditions and the characteristics of a
property.  They are required by most lenders.Also keep in mind that an appraisal is not a
home inspection. A home inspection is
In other words, the appraisal is the lender'ssomething you should obtain to protect your
way of determining a realistic market valueinvestment. An appraisal is the appraiser's
of your future home. The lender uses theopinion about the value of your prospective
appraisal to ensure that the home is actuallyhome. But that's it. Appraisers will not test
worth  the  price  you've  agreed  to  pay.the functionality of appliances, inspect the
roof, or perform other tasks a home inspector
In the unfortunate event that you can't paywould  do.
your mortgage, the bank will foreclose on the
home and resell it. Not a nice thought -- but* Copyright 2006, Brandon Cornett.
it's reality. The appraisal is how the lender



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