Residential Real Estate Appraisal, Mortgage Financing, Insurance - Sterling, VA

It is such an infrequent experience for most consumers that they might not be familiar with certain facts about appraisals including:

• An appraisal provides valuable information for the buyer and the seller, but the appraiser’s primary mission is to protect the lender. Appraisals take place before the lender grants final approval of the buyer’s loan. Owning overpriced property is not the lender’s idea nor do they want to lend money to irresponsible borrowers.
• Appraisers take into account the location of the home, its proximity to desirable schools and other public facilities, the size of the lot, the size and condition of the home itself and recent sales prices of comparable properties, among other factors.
• Good housekeeping cannot really improve a home’s valuation. Appraisers aren’t interested in dirty dishes or dusty dressers, but they do notice such signs of neglect as cracked walls, chipped paint, broken windows, torn carpets, damaging flooring and inoperable appliances.
• Federal law requires states to establish minimum standards and licensing practices for real estate appraisers. Usually trainees must take several courses, pass an examination and complete certain amount of hours of supervised experience.
• An appraisal isn’t a substitute for a professional home inspection. The appraiser formulates an opinion of the property’s value for the lender, while the inspector educates the buyer about the condition of the home and its major components.
• A transaction can sometimes survive a “low” appraisal if the seller reduces the purchase price, the buyer makes a hefty down-payment or a separate escrow account is set up to fund repairs that will increase the value of the home. On rare occasions, an appraiser will reconsider his or her opinion if new evidence supports a higher valuation.

Appraisal Master has a reputation for great service. We can answer your questions about appraisals and appraisers.