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  • What Buyers Should Know About Appraisals

    Monday, October 28, 2019   /   by Nikki Keye

    What Buyers Should Know About Appraisals

    Typically, if you're buying a house, you'll be required to have it appraised before your loan closes. Part of the reason for this is to ensure you're paying a fair price for the property. Another is to protect your lender's investment – since they're going to be assuming most of the risk. Either way, it's a good idea to have a third-party, unbiased, professional assessment of the property. Appraisal Institute president, Stephen S. Wagner MAI, SRA, AI-GRS, certainly thinks so. He says it's important that anyone getting an appraisal know the purpose of having one. “When hiring a valuation professional, clients should first understand the role of an appraiser,” Wagner said. “The appraiser's role is to provide objective, impartial, and unbiased opinions about the value of real property – helping those who own, manage, sell, invest in, and lend money on the security of real estate.” Wagner suggests asking certain questions to make sure your appraiser is highly qualified. For example, asking about an appraiser's experience, licenses, certification, and clientele can help you avoid any potential issues that could affect the closing of the loan. 

    If you are thinking about buying a new home, we'd be happy to help.  Our primary job is to make the process simple and easy.  Working with lenders, appraisers and title companies is our job and we'd be happy to help you navigate through the home buying process.