Owning a rental property is a great way to develop your net worth and earn some extra income. It comes with a lot of responsibility and can be intimidating especially if it is your first time owning
Do You Need A Home Appraisal
Dated: August 15 2019
Buyers can opt not to get a home appraisal but it is generally useful for all parties in a home buying process.
What is a home appraisal?
A home appraisal is the determination of a property's fair market value by an unbiased licensed professional appraiser. It is a chance of someone not involved in the transaction to give the property's real market worth.
The appraiser's opinion is objective based on facts about the property's age, square footage, market conditions, location etc that are considered stable value-generating features of the home.
Who needs it?
It is generally required to get a home appraisal for buyers who will be financing their purchase through a lender.
Cash buyers may opt-out of getting an appraisal but it may be a risky move not to do so.
Who pays for it?
The buyer usually pays the appraisal but this upfront cost can be negotiated to be paid by the seller.
Why do you need it?
1. It helps you protect your investment.
2. It helps ensure that you don't pay more than the home is actually worth.
3. It can be used as a valuable tool to renegotiate the sale price with the seller.
4. It helps you secure your financing as lenders may only issue a loan for the appraised amount.
If you have any questions on the home buying process, feel free to call or text 907 570-6757 or 907-720-4663.
OR check out available listings HERE if you are still home hunting.
Vanna has called Alaska home for the past 15 years. As a mother, real estate investor and previous business owner, Vanna brings many different perspectives when working for her clients. She has been a....
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