Page 21 - ABN Seller's Guide
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THE HO E APPRAI AL
Lenders use appraisals to determine the bu er's loan amount. The appraisal ill be completed after the
bu er requests the mortgage.
An appraisal is a ritten estimate of a propert s market alue completed b an appraiser. The alue is
based upon a market anal sis of the prices of recent sales of similar properties in the area and the
propert s ph sical condition. Usuall , this requires an interior and e terior propert inspection.
The appraiser ill measure our home, take photographs, and e amine our house for its condition,
specific impro ements and amenities. To help the appraiser, make a list of all recent impro ements,
reno ations, or remodeling projects. The list should also include appro imate costs of the impro ements.
The lender ill recei e a cop of the appraisal a fe da s after the appraiser has completed their
inspection of our home. It is possible that the appraiser ill ha e a list of required repairs before the
lender can loan the bu er an mone to purchase our house. If that happens, ou must repair those
problems - and the appraiser ill reinspect our home after ards, at an additional cost.
If our home does not appraise for our original asking price, our bu er could renogotiate terms or alk
a a from the deal. Once again, this highlights the importance of pricing our home accuratel .
