Here’s how home appraisals work and why you don’t need to be nervous.
A lot of homebuyers get nervous about home appraisals and want to know what their options are if a home doesn’t appraise. The appraisal is geared to protect the homebuyer and the bank. The bank will hire a third party to run the appraisal to make sure the home’s value supports the amount of the loan, ensuring you don’t overpay. The appraiser will look at the home’s condition to make sure it’s comparable to the value of other homes that have recently sold in the market.
At the end of the day, the appraisal process is nothing to be worried about on either side. It’s just there to protect homebuyers and their lenders.
If you have any questions for me, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.