During The Appraisal Stage a licensed 3rd party Appraiser will estimate the value of the home you are about to purchase. This is meant to ensure for you, and your lender, that the home you are buying is worth the price that is being offered.
The most common method used by an Appraiser to determine your homes value is to compare it against recently sold homes in your neighborhood; typically over the last 6 months. Although the Appraiser will not account for the following when determining your home’s value:
Roof
Appliances
Air Conditioning
Plumbing
Foundation
Windows
Floors
