An appraisal is the opinion of an appraiser, who estimates the value of a home at a specific point in time for the purpose of financing or refinancing a home. Typically, the bank assigns an approved appraiser to do the appraisal. To make sure the appraiser has all the information, you (or your agent) can provide the appraiser with relevant market data that demonstrates the value of the property. Learn more about the appraisal process on this page.
After being approved for a mortgage, a homeowner finds out that the appraisal amount is ten thousand dollars less than the agreed upon price. Having an appraisal price come in different than the sales price is a common situation today with quickly rising home prices. The buyer should have the house appraised again with their agent present.