Today's real estate market affords you quite a bit of freedom throughout the home buying process. You can work by yourself, searching for homes in your neighborhood and can buy directly from the seller. A real estate agent can do the legwork for you, finding home you may be interested in. You can purchase home that is bank owned, meaning they have foreclosed on it; this may also lead to a short sale, the sale of a home for less than what the owners currently owe on that home. Whatever your choices in the real estate market, and no matter how you found that home and no matter the price you're willing to pay, it's always recommended that you have a thorough appraisal done before signing anything. This way you know that what you're buying is worth the price you're paying!
Reasons for Getting a Home Appraisal
Paying for the Home Appraisal
When a Home Appraisal is Not Necessary
What an Appraiser Sees
Typically appraisers look at more than just the cosmetics of a home. He or she is interested in the condition of:
Typically an appraiser uses the information they gather from the home and a computer system that will return values for the home in each area. A detailed report is included in this, not just the bottom line. Of course the asking price may be different than the appraisal; especially if there have been some improvements and upgrades or unique selling features of the home that may mean more value in the eyes of the buyer.