Page 66 - The Latest Homebuying Guide

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Step 8 – Get the appraisal
Whether you are using your own cash or getting a mortgage, it is
strongly recommended that you get an appraisal of the home you
are purchasing. The lender wants to ensure that you are not paying
more than you should for the house, and you don’t want that either.

In fact, lenders will only lend money to you based on the appraised
value. They will order the appraisal on your behalf, and then add
it to your cost.

A licensed, professional appraiser will use his skills and resources
to determine a fair price for the home you have falling in love with.
They will consider the home’s :
● Location
● Structural construction
● Comparable Market Value
● Size
● Rooms
● Age
● Condition

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