What Is An Appraisal?

An appraisal is an estimate of a property’s value and is not to be confused with an inspection.  It is an evaluation performed by an appraiser who is not chosen by the Listing Agent, the Seller, the Buyer’s Agent, nor the Buyer; they are a third party entity hired by the Buyer’s lender.  The Buyer pays for an appraisal as part of the lending costs but the appraiser’s job is to determine a property’s value and see if it is worth the amount the Buyer has offered.  Should the Buyer be present at an appraisal?  It is not common practice since the appraiser is not there to present information to the Buyer rather gather their own data and present an appraisal report to the Buyer’s lender!  There are many factors that affect a property’s value like location, condition, recent sales of similar near-by properties, etc.  For a full list of what adds value or devalues a property, go ahead and shoot me a line at  Anahi@greenmeansgrow.com or at 858.381.2621 and I’d be happy to forward that to you. Till next time and happy house hunting!