If you’re buying a home with financing, refinancing existing mortgage terms, or selling your home to anyone outside of a cash buyer, a home appraisal can be a vital component of the transaction. Regardless if you are the buying or selling party, you will want to understand how the procedure of an appraisal works, and how we determine the valuation of your property.
What is an Appraisal?
An appraisal is an unbiased professional opinion regarding the value of your property. Appraisals are commonly utilized in purchase, sale, and refinancing transactions. When an appraisal is enlisted in a purchase or sale transaction, the appraisal can be used to determine appropriate pricing in regards to a home’s current condition, location, and amenities. When refinancing, the appraisal assures a lender that they aren’t expending more money to the borrower than the property is worth.
The appraisal protects the lender from lending more than it would likely be able to recover..
When borrowing money from a financial lender, the property serves as collateral for the mortgage. If a borrowing party default on the mortgage and the property is sent into foreclosure, the lender can retain the money that it lent for the purchase of the home, by in turn selling the property. The appraisal protects the lender from lending more than it would likely be able to recover in a worst-case scenario.
Appraisal Services from Sosa Appraisal Group
When the situation goes smoothly, an appraisal is simply another box to check off on your checklist. When an appraisal value is lower than what is expected, transactions can be canceled or delayed, modifying your plans to an extreme extent. In either situation, it is important to understand the appraisal process, and have an unbiased, dependable appraiser evaluate your property in any transaction.
Brian has become well known for his quick and efficient procedure of evaluating a property
Brian Sosa has been a certified appraiser for 16 years in the South Florida area and has cultivated a positive reputation based on unbiased excellence and professionalism with his clients. Brian has become well known for his quick and efficient procedure of evaluating a property and can be a valuable asset no matter your reasons for determining the true value of a property.