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Get A Home Appraisal
During an appraisal, the appraiser will consider various factors such as the home's size, location, condition and comparable sales in the area. They will then provide an estimated value of the property based on their analysis. Understand that the appraisal can impact your financing, as lenders use the appraisal to determine the amount they will lend you. In competitive market situations, the purchaser may include cash funds for potential appraisal shortfall in order to submit the strongest offer possible.
It is common for buyers to include an appraisal contingency in their purchase agreement, which allows them to back out of the purchase if the appraisal comes in lower than the purchase price. APPRAISAL CONTINGENCY The cost of the appraisal is typically paid by the buyer and can range from a few hundred to a few thousand dollars, depending on the type of appraisal and the size of the property. APPRAISAL COST
Be sure to obtain homeowner's insurance to protect your investment in the home. HOMEOWNER'S INSURANCE
The appraisal can impact your property taxes, as the assessed value of the property is used to determine the amount of property taxes you will owe. If the appraisal comes in higher than expected, you may need to budget for higher property taxes. PROPERTY TAXES
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