What is an Appraisal

What is an Appraisal on a House?

What is an Appraisal on a House?

A home appraisal is used to determine the value of a house. It starts with a professional appraiser evaluating the home’s:

  • Size
  • Features
  • Overall condition

Additional considerations include:

  • The Neighborhood
  • What Similar Homes in the area have sold for in the past six months
  • The home’s replacement cost

Once that has been evaluated, the appraiser generates a report. The appraiser’s report is called an appraisal. The buyer and lender receive a copy of the report so everyone knows the home’s fair market value.

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Posted in Buying a House, First Time Home Buyer, First Time Home Buyer MN, Mortgage Process, Mortgage Questions.

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