Why Do You Need An Appraisal When Buying A Home

Homebuyer inspection and appraisal costs are part of the price of buying a home. While a buyer can waive the inspection, which isn’t recommended, he cannot waive the appraisal as the lender orders it.

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 · Why should you care about home appraisals as a buyer? Lenders generally base the amount of money they loan you on the appraised value of a property, not the listing price. If you are financing your purchase with a loan, your lender might require an appraisal contingency to insure that your loan doesn’t exceed the value of the property.

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A home appraisal is an unbiased estimate of the true (or fair market) value of what a home is worth. All lenders order an appraisal during the mortgage loan process so that there is an objective way to assess the home’s market value and ensure that the amount of money requested by the borrower is appropriate.

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Let me tell you why you should always get an appraisal if you’re buying a home. There is a staggering range of value for homes around the United States. This range of value is caused by differing levels of quality, homes offering significantly differences in square footage and different floor plans.

 · If you are buying a home, the appraisal is typically ordered after the home inspection (assuming there is one) has been done and the results are satisfactory. When the lender receives the appraisal, it is reviewed by underwriting and then provided to the borrower.