{"id":28642,"date":"2020-07-29T23:25:00","date_gmt":"2020-07-29T23:25:00","guid":{"rendered":"https:\/\/www.polarislane.com\/?p=28642"},"modified":"2021-03-07T09:35:30","modified_gmt":"2021-03-07T09:35:30","slug":"home-appraisal-tips-for-buyers","status":"publish","type":"post","link":"https:\/\/www.polarislane.com\/home-appraisal-tips-for-buyers\/","title":{"rendered":"Home Appraisal Tips for Buyers"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"28642\" class=\"elementor elementor-28642\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-35facc9 elementor-section-content-middle elementor-section-height-min-height elementor-section-full_width elementor-section-height-default elementor-section-items-middle\" data-id=\"35facc9\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\" 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100%;-webkit-mask-repeat:var(--divider-pattern-repeat);mask-repeat:var(--divider-pattern-repeat);background-color:var(--divider-color);-webkit-mask-image:var(--divider-pattern-url);mask-image:var(--divider-pattern-url)}.elementor-widget-divider--no-spacing{--divider-pattern-size:auto}.elementor-widget-divider--bg-round{--divider-pattern-repeat:round}.rtl .elementor-widget-divider .elementor-divider__text{direction:rtl}.e-con-inner>.elementor-widget-divider,.e-con>.elementor-widget-divider{width:var(--container-widget-width,100%);--flex-grow:var(--container-widget-flex-grow)}<\/style>\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t\t<span class=\"elementor-divider__text elementor-divider__element\">\n\t\t\t\tReal Estate 101\t\t\t\t<\/span>\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b01d3e1 elementor-widget elementor-widget-theme-post-title elementor-page-title elementor-widget-heading\" data-id=\"b01d3e1\" data-element_type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;none&quot;,&quot;_animation_delay&quot;:100}\" data-widget_type=\"theme-post-title.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.20.0 - 10-04-2024 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h1 class=\"elementor-heading-title elementor-size-default\">Home Appraisal Tips for Buyers<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-62fd3e5 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"62fd3e5\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-ce2d0ac\" data-id=\"ce2d0ac\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5b25706 elementor-widget elementor-widget-image\" data-id=\"5b25706\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.20.0 - 10-04-2024 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"800\" height=\"533\" src=\"https:\/\/www.polarislane.com\/wp-content\/uploads\/2020\/06\/fancy-slider-bg-1.jpg\" class=\"attachment-large size-large wp-image-26303\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f73c201 elementor-widget elementor-widget-heading\" data-id=\"f73c201\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Home Appraisal Tips for Buyers<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d73bf2f elementor-widget elementor-widget-text-editor\" data-id=\"d73bf2f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.20.0 - 10-04-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\tAfter you sign a home purchase agreement (the contract between you and the seller about the terms of the pending sale), and before your lender approves your loan, the home you\u2019re buying must pass an appraisal \u2014 an assessment of the property\u2019s value by an unbiased third party: the appraiser.\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6b92369 elementor-widget-divider--view-line elementor-invisible elementor-widget elementor-widget-divider\" data-id=\"6b92369\" data-element_type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInRight&quot;}\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7ff507c elementor-widget elementor-widget-heading\" data-id=\"7ff507c\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">A Home Appraiser is a Neutral Third Party<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2825fae elementor-widget elementor-widget-text-editor\" data-id=\"2825fae\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>An appraiser is a state-licensed or certified professional whose job is to assess how much a house is worth. The appraiser is a neutral third party hired by the lender and does not represent the buyer or the seller.\u00a0 The appraiser&#8217;s primary focus is to provide an opinion regarding the assessed value of the home.\u00a0<\/p><p>Appraisers survey a house in person using five main criteria to determine the value of a home:<\/p><ul><li>Location<\/li><li>Age<\/li><li>Condition<\/li><li>Additions or renovations<\/li><li>Recent sales of comparable homes<\/li><\/ul><div class=\"article-body\"><p>\u00a0<\/p><p class=\"summary\">When it comes to home appraisals, buyers and sellers should be aware that the home appraisal process is less emotional and more business-like.\u00a0 Lenders do not care about any intrinsic value a buyer or seller might have regarding that perfectly renovated kitchen or the eccentric blue-painted wall that would fit well with an art piece the buyer has in mind.\u00a0<\/p><p class=\"summary\">When a lender hires a home appraiser, the lender is simply looking to determine the value of the property simply as collateral.\u00a0 If for whatever reason plans change in the future and the buyer defaults on a mortgage payment or can&#8217;t pay, the lender would look to foreclose on the property and recoup the cost of lending.\u00a0 \u00a0Practically, this means a home must be appraised at or above the agreed-upon purchase price.\u00a0 If for some reason the purchase price differs from the appraised price set by the home appraiser, the seller must lower the purchase price or the buyer must make up the difference or some combination of the above in order for the home buying transaction to be completed.<\/p><\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ca5d847 elementor-widget elementor-widget-heading\" data-id=\"ca5d847\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Who Pays for the Home Appraisal and Appraisal Contingencies?<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-35c9497 elementor-widget elementor-widget-text-editor\" data-id=\"35c9497\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"article-body\"><p>Typically, the home buyer is responsible for paying for the appraisal \u2014 and the fee is typically wrapped into your closing costs.\u00a0 Although this is generally true, who pays for the appraisal can be negotiated between the buyer and seller.\u00a0 The cost for a home appraisal varies depending on the size of the home and any unique factors of the home.\u00a0 Typically, the appraisal cost between $350 to $500, but can also be negotiated.<\/p><\/div><p><span class=\"s1\">It is common for a home purchase agreement to include a \u201chome appraisal contingency\u201d which requires that the appraisal be completed within 17 days or so of the sales contract being signed.\u00a0 The home appraisal report will usually be ordered early by the lender in order to account for the inspection time and the time needed for the home appraiser to write up the report.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5d2bdae elementor-widget elementor-widget-heading\" data-id=\"5d2bdae\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Content of a Typical Appraisal Report<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8e2163c elementor-widget elementor-widget-text-editor\" data-id=\"8e2163c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"article-body\"><p>During the home appraisal, the appraiser will take pictures of the exterior and interior of the home and take measurements of room sizes, and note special features such as upgrades to kitchen countertops, flooring, bath fixtures, etc.\u00a0 The appraiser typically gathers data from comparable homes in close proximity of the subject property and take into consideration any other factors that would influence the value of the home.\u00a0<\/p><p>Upon completion of the report, the buyer and lender will both receive a copy of the report. There are three scenarios to act upon when reviewing the final report:<\/p><ul><li><strong>If the appraiser\u2019s valuation matches the price you and the seller agreed to for the home:<\/strong>\u00a0 This means the there are no issues with the agreed-upon purchase price and the actual appraised value.\u00a0 Practically, this allows your lender to proceed with underwriting your loan.<\/li><li><strong>If the appraiser\u2019s valuation is higher than what you\u2019re paying for the home:<\/strong> Congratulations! You\u2019ve gained immediate equity.\u00a0 Since the seller agreed to sell the house at the purchase price, but the appraised value is higher, it means that the house is worth more than what the buyer is paying for it.\u00a0 \u00a0 \u00a0<\/li><li><strong>If the appraisal is lower than what you\u2019ve agreed to pay for the home:<\/strong>\u00a0 This would be a problem since the lender won\u2019t give you, the buyer, the loan for more than the appraised value.\u00a0 There are remedies to this undesirable scenario though.<\/li><\/ul><div>\u00a0<\/div><\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6bcf385 elementor-widget elementor-widget-heading\" data-id=\"6bcf385\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Remedies for Low Appraisals<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7fec8d3 elementor-widget elementor-widget-text-editor\" data-id=\"7fec8d3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"article-body\"><p>There are a few reasons why appraisals might come in lower than expected:<\/p><ul><li>Both seller and buyer overvalued the price of the home.<\/li><li>The appraiser might not be as familiar with the neighborhood or did not factor in pending sales data<\/li><li>The property is in a desirable neighborhood with no homes going on the market to provide the appraiser with recent comparable home sales.<\/li><li>Home prices can change very fast in a hot market providing a moving target for the home appraisal.<\/li><\/ul><p>\u00a0<\/p><\/div><p>In general, the best strategy to address a low appraisal value is to persuade the seller to lower the purchase price to the appraised value or to split the difference between both parties.\u00a0 \u00a0The value of a good agent comes through in scenarios like this when he or she can negotiate effectively on your behalf.<\/p><div class=\"article-body\"><p>A secondary recourse is to request a re-appraisal of the property by providing new data or comparable homes that the home appraiser might not have taken into account with the original appraisal assessment.\u00a0 Forwarding additional data to the lender for a re-appraisal might be accommodated although it is up to the appraiser to revise the valuation or not.<\/p><p>A third option might be to request a second appraisal from the lender although this would typically mean additional cost for the buyer and there might be restrictions based on lender conditions and loan types.\u00a0 \u00a0 \u00a0<\/p><p>The last option:\u00a0<strong>You can come up with the cash yourself to cover the difference between the home\u2019s price and the appraised value.<\/strong><\/p><p>If a remedy can not be found, the buyer with a purchase agreement\u2019s home appraisal contingency gives the buyer the option to walk away from the deal with earnest money deposit refunded.\u00a0 In essence, the buyer can walk away from the deal because the home appraisal contingency requirement was not met.\u00a0\u00a0<\/p><p>In general, the home appraisal provides the buyer and seller a neutral third-party assessment of home value so that both parties can complete the transaction with consistent data and insights.<\/p><\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-cdb3ef4\" data-id=\"cdb3ef4\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9925e0f elementor-widget elementor-widget-template\" data-id=\"9925e0f\" data-element_type=\"widget\" data-widget_type=\"template.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-template\">\n\t\t\t\t\t<div data-elementor-type=\"page\" data-elementor-id=\"28330\" class=\"elementor elementor-28330\" data-elementor-post-type=\"elementor_library\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1da51c50 elementor-section-content-top elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1da51c50\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e42b99a\" data-id=\"e42b99a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-4d7a944 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4d7a944\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-765bf13c\" data-id=\"765bf13c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-eff2c22 elementor-widget elementor-widget-heading\" data-id=\"eff2c22\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Resources<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-465cebaf\" data-id=\"465cebaf\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-149a49a2 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"149a49a2\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-9d941e1 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9d941e1\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-4619847\" data-id=\"4619847\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-9ec73a5 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9ec73a5\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-4186b71\" data-id=\"4186b71\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>After you sign a home purchase agreement (the contract between you and the seller about the terms of the pending sale), and before your lender approves your loan, the home you\u2019re buying must pass an appraisal \u2014 an assessment of the property\u2019s value by an unbiased third party: the appraiser.<\/p>\n","protected":false},"author":3,"featured_media":26303,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[191],"tags":[],"_links":{"self":[{"href":"https:\/\/www.polarislane.com\/wp-json\/wp\/v2\/posts\/28642"}],"collection":[{"href":"https:\/\/www.polarislane.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.polarislane.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.polarislane.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.polarislane.com\/wp-json\/wp\/v2\/comments?post=28642"}],"version-history":[{"count":15,"href":"https:\/\/www.polarislane.com\/wp-json\/wp\/v2\/posts\/28642\/revisions"}],"predecessor-version":[{"id":32516,"href":"https:\/\/www.polarislane.com\/wp-json\/wp\/v2\/posts\/28642\/revisions\/32516"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.polarislane.com\/wp-json\/wp\/v2\/media\/26303"}],"wp:attachment":[{"href":"https:\/\/www.polarislane.com\/wp-json\/wp\/v2\/media?parent=28642"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.polarislane.com\/wp-json\/wp\/v2\/categories?post=28642"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.polarislane.com\/wp-json\/wp\/v2\/tags?post=28642"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}