What Does An Appraiser Look For? 23 Things That Influence Home Value
What does an appraiser look for when they’re assessing a home’s value? Unless you’re paying cash in full, the appraisal will influence your mortgage.
So you’ve found the perfect house, you’ve negotiated purchase terms, you’re all set for inspections, and there’s nothing else standing between you and the closing table — or is there?
Even if you’re feeling comfortable with the asking price of your intended new home, your mortgage lender needs to make sure that you aren’t overpaying for a house that isn’t really worth what they’re about to give you. That means it’s time for an appraisal.
Find an Agent To Help You Make Sense of Your Home Appraisal
Working with a top agent can help you take the stress out of evaluating your low appraisal options.
“When buyers finally decide on the right house, they’ve already seen a few homes,” says top Albuquerque real estate agent Tracy Venturi.
“In their mind, they go, ‘Wow, this is priced similarly in the range that I’m looking at, and this one is the clear gem for us.’”
In her 22 years of experience helping buyers find the perfect home, Venturi has seen her fair share of appraisal reports. Unless a buyer is paying cash in full, one of the most important components of any mortgage-contingent purchase agreement is the appraisal.
What exactly is a certified appraiser looking for, though?
With the help of Venturi and Rodman Schley, MAI, SRA, President of the Appraisal Institute, we’re spelling out 23 factors that influence your soon-to-be new home’s value.
