An appraisal is a crucial part of the home buying process. Once you make an offer on a house you love, you’ll want to find out if the house is worth every one of the hard earned dollars you are going to be paying for it. A quick appraisal will keep you on track during the home buying process. So, let’s talk about what exactly it entails and why Homespire does it better.
First – What is a home appraisal?
Simply put, a home appraisal is an unbiased estimate of the home’s value.
What are appraisers looking for?
Appraisers are looking at the condition of what’s permanently part of the house. They’re not looking at the Southwestern-themed living room decor and knocking off points because “that’s sooo 90s”. They’re looking at the physical aspects of the home – age, square footage, the number of bedrooms and bathrooms, lot size, location, view – and the condition of the home as they observe it.
Why is it necessary?
Lenders want to know that the amount of money you’re requesting is fair and reasonable for that particular home. So, they order an appraisal to assess the fair market value, which also helps you make sure you’re not overpaying.
How does Homespire Mortgage do appraisals differently?
Some mortgage companies outsource their appraisals to a third-party. At Homespire Mortgage, we work with an exclusive panel of appraisers that we’ve vetted and built relationships with, and they have the ability to communicate directly with our appraisal desk. This allows us to respond to issues quickly and more efficiently.
If you have any questions about our appraisal process or want to get started on your mortgage process, visit https://www.homespiremortgage.com/loan-officer-search/ to find a Homespire Loan Officer in your area.