What Happens At The Bank When An Appraisal Request Is Made For A Loan?
You have found the home of your dreams, congratulations! The paper work has been obtained and you're hoping for a closing date soon. Your next step should be to get an appraisal in order to understand the true value of your new home, and to get a loan from the bank. So what happens when a bank requests an appraisal for a loan? The majority of real estate appraisals are requested by mortgage companies to determine the property's purchase price for a loan. The appraiser is your safety net against spending more on your home than it’s really worth. It’s also a safety
Reasons For Getting A Home Appraisal
Most people think that the only reason to get a home appraisal is because they are refinancing or financing a purchase of a home. There are actually a host of other reasons too. An appraiser is always a valuable third party correspondent in many other circumstances. Here are some examples where an appraisal may come in handy: Selling or Buying(Without Financing): This is one of the most common requests. Get an unbiased opinion of value from a certified appraiser who values homes for a living and does not have an interest in your home appraising too high or too low. Realtors do
Are Two Appraisals Needed During A Divorce?
The answer really depends on your individual situation. What most of our clients do is just order one appraisal when divorce proceedings are getting close. If the husband and wife can agree on the value then there is no need for a second appraisal. In cases where they can not agree on the value, the husband or wife order a second independent appraisal from a different appraiser and agree on a value in-between the two appraisals. Another reason why you might need two appraisals in a divorce is if you had an appraisal completed when first considering to get divorced and
