Appraisal / Verifications

Once the inspections are completed and you have either accepted the home as is or renegotiated for repairs, the appraisal is ordered.   The appraiser is randomly selected from an approved list of appraisers or many lenders now use an outside appraisal service. The appraiser will go out to the home to measure it and view the property, home, and surrounding neighborhood.  They will count the number of rooms and view the quality and type of materials used to construct the home.   The appraiser will then go back to his office and will find a minimum of three comparable homes that have sold in the neighborhood.  There are a number of adjustments made to the sales price of these homes as they compare it to the home you are purchasing.   Based on these recent sales of comparable properties they come up with a final value for your home.   There is more information on appraisals in the collateral section.