What is a Home Appraisal and How Does it Work?
Posted by Nathan Garrett on
When it comes to the value of a home, it may seem pretty straightforward. There may be some negotiating back and forth between a Buyer and Seller, but once both parties agree on a price, that should be it, right? Unfortunately, most of the time a contract is contingent on an appraisal. Especially when there is financing involved. Some buyers and sellers may even be surprised to find out that an appraiser must give their "stamp of approval" on the purchase price before moving forward.
Key Takeaways
- An appraisal is typically paid for by the buyer in a real estate transaction.
- Appraisers review the exterior and interior of the home. Measuring the square footage while looking at features of the home and possibly any safety concerns.
- Common…
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