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The two-bed, two-bath home sits on a quarter-acre lot, and Putman boasted the gardens and terraces as a draw for potential buyers. Plus, it has a great view of the city, she said, making it the ultimate LA outdoor space. “When we value, we value on a very massive basis, so we value up a bunch of 1,998-2,000 square foot brick veneer homes that are similarly located,” Chief Appraiser Dana Horton said. Among its features are a bar and wet bar and an atrium, a basement, foyer, great room, laundry room, sauna, utility room, wine cellar and workshop. The rest of the property includes rare features such as a private tennis court, a heated pool and spa, biking and horse trails and a four-car garage.
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An appraisal for an average home usually costs $300 to $450, which is usually paid by the buyer. The entire home appraisal process usually takes a minimum of seven days. If you have a USDA loanRural homeowners who meet income and other requirements can avoid an appraisal by refinancing through the streamlined assist refinance program. If you’d like a more extensive look at what factors are considered in a home appraisal, look at the Uniform Residential Appraisal Report, which is the form used by most appraisers. Homeowners who are refinancing need to make sure the appraised value hasn’t slipped since they bought the home.
Redfin Agent Expertise
When an appraisal matches the sales price, it’s good news for the buyer. Since any difference between the sales price and the appraised value falls to the buyer, having a matching appraisal value and sales price creates a straightforward path to homeownership — with no surprises for your budget. In cases where a lender isn’t involved in a home sale, the entire appraisal process — ordering it, scheduling it and paying for it — is up to the buyer.
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After the home inspection, it is up to the buyer and the buyer’s real estate agent to bring up any concerns found during the home inspection. Repairs could be made or paid for by the seller, or the two sides could negotiate compensation for the buyer to fix any issues after move-in. The home inspection does not involve lenders at all, unless the buyer decides to cancel the sales contract because of the results of the inspection. To get comparative information, appraisers typically review government records as well as home sale information from the Multiple Listing Service (MLS).
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You have 30 days from when the appraisal letter was mailed to file a notice of protest. One is included in the letter, or you can file online through the Brazos Central Appraisal District. After, you have the chance to meet with an appraiser to go over evidence of the property’s market value.
How Do Home Appraisals Work?
The appraisal contingency lets you walk away from a home purchase if the appraisal comes in too low to justify the agreed-upon purchase price. Many factors can affect your home's value, including buyer demand and prices of neighboring homes. The Redfin CompeteScore can give you an idea whether market competition in your area could boost your home's sale price. Or if you're buying, it can indicate how much competition you'll face when you make an offer. Compare Redfin CompeteScores in Raleigh, Philadelphia, Houston, and Sacramento, or check your own neighborhood's score on Redfin.com. Our report includes overall value, estimated price per square foot, property details, sales history of nearby homes and value history.
If your existing mortgage is an FHA mortgage, you can refinance without an appraisal through the FHA streamline program—a great option for underwater homeowners. Because the appraisal primarily protects the lender's interests, the lender will usually order the appraisal to be done. If you have a VA loan You can use an interest rate reduction refinance loan (IRRRL) to refinance without an appraisal. If you have an FHA loanYou can avoid appraisal by refinancing through the FHA streamline program.
What Homebuyers Need to Know About Appraisals
If you have extra money to bring to the table, this might not be a problem. But if you don’t have extra cash on hand, a low appraisal might mean you can’t secure the financing you need. If the appraisal comes in low versus what you think your home’s value is, you likely want to dispute that in some way. One option could be to print out a list of similar homes in the community and show that they were valued at a higher price than your home. You may have the option to appeal the appraisal, but note you’ll likely need to support your argument and the appraiser may not change their appraisal. If you are working with a Realtor, they may be able to provide examples of comparable homes being of higher value.
MLS is a real estate database that includes home listing and sales information posted by real estate professionals. Although the database is technically private, much of the information is available online for free. A home appraisal benefits everyone involved in the home buying process.
You’ll pay less for a single-family home appraisal than a multifamily home appraisal. Appraisers also have a specific set of factors they assess when creating the appraisal. Let’s take a look at the three most important home features that they evaluate.
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