Getting Home Ready for Appraisal
When selling your home or buying a house, the appraisal and inspection are critical steps in the process. As they both involve a professional conducting an onsite examination of the property, it’s easy to confuse the two. However, there are key differences between a home appraisal and a home inspection. Is a Home Inspection the…
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When selling your home or refinancing your mortgage, the home appraisal inspection is a crucial step in the process. And of course you want the final appraisal report to reflect your home’s highest possible value. Remember, what your home is worth is also tied to your home equity. If the property appraises at a higher…
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Real estate appraisers use one of three methods: the sales comparison approach, the cost comparison approach, and the income approach. Sales comparison and cost comparison are the two most common methods. Below is an explanation of each, how they differ, and which types of home appraisals each one is most appropriate for. What Is the…
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If you have plans for home buying, selling, or refinancing, it will likely require an appraisal. While the mortgage lender will order the appraisal to ensure that they are not issuing a loan for more than what the property is worth, it’s still best for buyers and sellers to understand the home appraisal process and…
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Wouldn’t it make things so much easier if there was a blog containing all the things residential appraisers want sellers to know about their home appraisals? We thought so too, because here it is! That’s right, we’re unveiling all the mysteries. (Well, maybe not all of them—you wouldn’t need us if you already knew everything.)…
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The cooling housing market is forecast to continue in 2023, and buyers and sellers are proceeding with caution. With increased interest rates and declining home sales, there’s plenty to be nervous about—and there’s still the home appraisal, which can derail any mortgage deal if it comes in “low.” The good news is that a reconsideration…
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When purchasing a home with a mortgage or refinancing, the transaction may require that a home appraisal inspection be done. This is because appraisals assure the lender that they are not issuing mortgages for more than what residential properties are worth. Appraisals are conducted by real estate appraisers, who must meet an educational requirement and…
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The ACE+ Property Data Report is a new component that could allow borrowers on Freddie Mac–eligible loans to avoid a full appraisal inspection on purchases or cash-out or rate-term refinances. Instead, property information is collected on-site by a real estate agent, inspector, or data collector using Freddie Mac’s proprietary PDR data sets. When the ACE+…
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If you’re a mortgage loan officer and not taking advantage of pre-appraisal tools, your clients could be paying the price with higher fees and longer turnaround times. Read on to learn why pre-appraisal tools are the perfect solution for providing a better borrower experience and, for loan officers, how these tools can expedite the process…
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When buying a home, an appraisal contingency can serve as a safety net. If the home you want to purchase appraises for less than the price you agreed to pay, it gives you negotiating power with the seller. It also allows you to walk away from the deal without losing your deposit, should the seller…
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