Within the mortgage and homebuying world, one vital piece of the process to understand is the appraisal. Designed to produce a fair and unbiased value for a home about to be purchased, appraisals are based on several factors and play a big role in some of the major financial details of any home sale.
At Altius Mortgage and our partners at Mortgage Ogden, we’re happy to walk you through the ins and outs of the appraisal process whether you’re a first-time homebuyer or an experienced real estate flipper. Let’s go over the simple details you need to know about an appraisal, including what it’s used for and the areas of a home that will be included in it.
Appraisals refer to an event where a third party is hired to assess all the important factors that play a role in the value of a home. These third parties are known as appraisers, and they have received specific training in evaluating home values across many different property types.
In the majority of cases, the seller of the home in question is the one who arranges for an appraiser. This objective review of a home’s value is very valuable for sellers to present as they price their home. In other situations, though, appraisals can be requested by potential buyers or even by a lender themselves – this is often done so the lender can get their own in-house estimate for the value of a home they’re about to lend money to a buyer for.
For more on what happens during an appraisal, or to learn about any of our mortgage loan services, speak to the staff at Altius Mortgage today.