When you are buying a home, it may feel as though the real estate appraiser holds a lot of power over your life. Waiting for the appraisal to come in can be incredibly frustrating, especially if you may be on the hook for the difference between the approved loan amount and the contract price of the home. This can make purchasing a home somewhat tricky if you don’t understand the real estate appraisal process. NoVaStar Appraisals, Inc., is one of the most trusted names when it comes to real estate appraisals. We are happy to provide our clients with a full rundown regarding purchasing a home and what you can do during the real estate appraisal process.
What a Buyer Can Do During the Real Estate Appraisal Process
Unfortunately, a buyer can’t do much during the real estate appraisal process. A licensed real estate appraiser, like those at NoVaStar Appraisals, Inc. is highly experienced in how to assess the fair market value of a home fairly. An appraiser has to follow strict guidelines that are created by lenders and the IRS. An experienced appraiser will know how to confirm and check to ensure their appraisal values are accurate. While you can’t influence a real estate appraiser to determine the value at a certain amount, you can educate yourself in the process. That way, if something seems “off” to you, you know when to speak up and request clarification.
Understanding Real Estate Comps
One of the ways you can participate in the real estate appraisal process is to do your research. Look at comparable properties that are currently for sale and other properties that have recently been sold. This is one of the ways a real estate appraiser determines the fair market value for a property. Make sure to talk to the appraiser if possible to get an idea on what they are looking at to determine what is comparable property. If you have questions, don’t hesitate to ask. Most appraisers are happy to discuss their process with you.
Re-Evaluation Is Possible
If the appraisal comes back vastly different from the contract price, it is possible to get a re-evaluation. You may need to pay for an additional appraisal fee, but it could be worth it. If you believe that the appraiser isn’t qualified, request a different licensed appraisal professional. It is essential that you can trust the person who is writing your appraisal report.