Whatʼs the next step after home appraisal?

What’s the next step after home appraisal?

Once your home has been appraised, the next step is typically for the lender to review the appraisal report to determine if the value aligns with the loan amount you are requesting.

Getting a home appraisal is a crucial step in the homebuying process. But what comes next? Here are some FAQs to help you navigate the next steps:

1. What is a home appraisal?

A home appraisal is an assessment of your property’s value by a licensed or certified professional.

2. How long does a home appraisal take?

The appraisal process usually takes a few days to a week, depending on the size and complexity of the property.

3. Who pays for the home appraisal?

Typically, the buyer is responsible for paying for the home appraisal as part of the closing costs.

4. Can you challenge a low home appraisal?

If you believe the appraisal is too low, you can provide additional information to the appraiser to support a higher value or request a second appraisal.

5. What if the home appraisal comes in higher than the purchase price?

If the appraisal value is higher than the purchase price, it can benefit the buyer by providing instant equity or allowing for a lower down payment.

6. What if the home appraisal comes in lower than the purchase price?

If the appraisal value is lower than the purchase price, the buyer may have to renegotiate with the seller, pay the difference out of pocket, or walk away from the deal.

7. What happens if the lender rejects the appraisal?

If the lender rejects the appraisal, they may request a review or a second opinion to ensure the value is accurate.

8. How does the home appraisal affect the mortgage approval?

The home appraisal is a crucial factor in determining the amount the lender is willing to lend for the property.

9. Can you choose your own appraiser?

While you can’t choose your own appraiser directly, you can request a specific appraiser to ensure they are familiar with the local market.

10. What is included in a home appraisal report?

A home appraisal report typically includes details about the property, recent sales in the area, the appraiser’s valuation, and any factors that may affect the property’s value.

11. Does a home appraisal guarantee the property’s value?

While a home appraisal provides a professional estimate of the property’s value, it does not guarantee its actual selling price.

12. How long is a home appraisal valid for?

A home appraisal is typically valid for up to six months, depending on market conditions and any major changes to the property.

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