Understanding the Home Appraisal Process

Understanding the Home Appraisal Process

A home appraisal is a required part of the loan process, and is conducted by a certified appraiser who evaluates and determines the property’s fair market value.

The appraiser’s report includes a detailed look at the home’s general condition and a review of the surrounding area.

Since housing markets fluctuate—as do home values—appraisers rely heavily on recent home sales within the last six months in the local area to determine fair market values.

Appraisals also take into consideration any improvements and upgrades, as well as the land’s value.

It is important to note that appraisal guidelines are dictated by legal requirements as well as the type of loan being issued. The appraiser’s job is to provide an objective, impartial and unbiased assessment of the property’s fair market value.

If you or someone you know would like to learn more about the home appraisal process, please get in touch. I’m happy to help!

For professional use only. Not intended for consumer distribution.
Information is subject to change without notice. This is not an offer for extension of credit or a commitment to lend. West Coast Mortgage Group is not affiliated with the U.S. government, HUD, FHA, VA, or any other government agencies. For additional information about West Coast Mortgage Group, visit the NMLS Consumer Access page at www.nmlsconsumeraccess.org. NMLS #5084.

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