An Appraisal is an opinion of value that not only makes sure that you aren’t overpaying for the property, but also makes sure that the property meets the product guidelines for the loan type that you are getting. They are done by Licensed Appraisers, and the value is determined by recent comparable property sales of houses that are just like yours in the area that you are buying.
As soon as we hear from you that the Home Inspection went great and you are ready to move forward, that’s when we order the Appraisal. It usually costs between $300 and $500, and once ordered, it takes about a week to get it back. Once we have that report in hand, we’re going to send out a copy to all parties involved.