A standard part of buying a home is awaiting the property’s appraisal. The lender typically arranges the appraisal, which determines how much the borrower can obtain. Here are some things to expect from a home appraiser Dallas TX.
Appraisal Procedure
An appraisal will determine the home’s value based on the condition of the property as well as the size. The appraiser will observe any maintenance issues on the inside and outside of the home. The layout, the square footage and the number of bedrooms and bathrooms will also impact the value. Additionally, recent sales in the area as well as the overall state of the housing market will help determine the appraisal.
Elements of the Report
An appraisal report details the analysis and must include certain factors. The appraiser will sketch out and take pictures of the exterior. Photos of the properties use as comps are also required. The report also includes land and tax records and a calculation of the square footage. A street map is used to show nearby properties and the condition of the neighborhood.
Bargaining Chip
A poor appraisal can make all the difference when it comes to you owning a home. If the appraisal is lower than the asking price, a bank won’t lend you the money that you need to make the purchase. You can attempt to bargain with the seller to lower the price to its assessed value. However, the seller may not drop the price to meet the appraisal. As the appraisal is at the beginning of the closing process, you can walk away from a home that seems to be a bad deal. If the seller doesn’t lower the price, you can still proceed with the purchase. Be prepared to pay the difference between the price and the value.
Getting a home appraised is a necessary aspect of a purchase, as it protects the lender from offering a loan that exceeds a home’s value. A good appraisal will give an accurate and objective report of what a property is truly worth.