Before your mortgage application is approved, the lender will order a professional appraisal of the home to make sure that the agreed-upon selling price is justifiable based on the current market value of the property. The cost of the appraisal will be based on the complexity of the appraisal report and the time required to complete it.

A professional appraiser will choose the appraisal technique that is applicable to the particular property to arrive at an unbiased opinion of value. One approach is to look at comparable homes in the area that have sold within the last six months. If there are a number of similar properties that have sold recently, the appraiser's job is easy. It is more complicated to arrive at the appraised value if your home is located in a rural area or a diverse neighborhood.

The appraised value will usually be very close to the sale price. If the appraisal comes in lower, the real estate agent may be able to provide the appraisers with additional information on recent sales which will result in increased value.

	See All Tips In The "About Appraisals" Category >
	See Complete Library Of Hundreds Of Tips In 30+ Categories >

Jim Clauser
RE/MAX Associates Athens - Oconee, Inc.
2350 Prince Avenue Suite 15
Athens, Georgia 30606
Licensed in the State of Georgia
Direct: 706-714-1181
Cell: 706-714-1181
Fax: 706-433-0542
Jim@JimClauser.com

My goal is simple. I promise to offer professional service! Look around my site and if you need anything I'm just a call or email away.

www.JimClauser.com is brought to you by Jim Clauser, real estate for
Athens, Watkinsville and Colbert, Georgia

Read Jim Clauser's Privacy Guarantee, Terms of Service, and Free & Without Obligation Pledge