If you are buying or refinancing a property, most lenders will require a professional appraisal before moving forward, in order to ensure the house is actually worth the money they may be lending you. The appraisal is conducted after the home buying contract is signed, and the homebuyer foots the bill for it as part of his or her closing costs.
Appraised value is different from market value, fair price, property assessment for taxes and appraisal for mortgage. It’s important to work with a lender who is available and proactive, and who will ensure the appraisal is completed before the financing condition expiry.
Like any major investment, you’ll want to know as much about your home as possible, as soon as possible. In that case, you’ll want to consider building a home inspection clause into your offer and having that inspection completed before your home appraisal. This will allow you to be more informed about the state of your new property. The ideal situation is that the appraised value matches your offer; if the appraisal comes in relatively low to the price of the home, the financing could be jeopardized.
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