Personal Home Appraisal
Whether you are buying a home using a mortgage, refinancing your existing mortgage, or selling your home an appraisal is a key component of the transaction.
An appraisal is an unbiased professional opinion of a home’s value. Appraisals are almost always used in purchase or sale transactions and commonly used in refinance transactions. In a purchase or sale transaction, an appraisal is used to determine whether the home’s contract price is appropriate given the home’s condition, location, and features. In a refinance transaction, an appraisal assures the lender that it isn’t handing the borrower more money than the home is worth.
Lenders want to make sure that homeowners are not overborrowing for a property because the home serves as collateral for the mortgage. If the borrower should default on the mortgage and go into foreclosure, the lender will sell the home to recoup the money it lent. The appraisal helps the bank protect itself against lending more than it might be able to recover in this worst-case scenario.
A property’s appraisal value is influenced by recent sales of similar properties and by current market trends. The home’s amenities, the number of bedrooms and bathrooms, floor plan functionality, and square footage are also key factors in assessing the home’s value. The appraiser must do a complete visual inspection of the interior and exterior and note any conditions that adversely affect the property’s value, such as needed repairs.
Blue Bird Appraisals is experienced in home appraisals. This is most likely the single largest asset that you own so don’t trust the valuation to just anyone. Trust Blue Bird Appraisals.