Ignite FB Tracking PixelWhat Home Buyers Should Know About Appraisals - Anna Teyssonniere de Gramont
Houlihan Lawrence Inc.
Anna Teyssonniere de Gramont, Houlihan Lawrence Inc.
Email: [email protected]
What Home Buyers Should Know About Appraisals

by Anna Teyssonniere de Gramont 06/03/2018

Home appraisals are an important part of the buying and selling process. Lenders use appraisals to make sure that the home is worth what the borrower is paying. A home’s appraisal value is based on a number of factors, all of which we’ll discuss in this post.

Whether you’re a buyer, seller, or are just learning about the process of buying a home so you’ll be better equipped in the future, this article is for you.

How is a home appraisal different from an inspection?

While home appraisals and inspections are performed by licensed or certified professionals, they have to different functions. An inspection ensures the safety of a home, as well as whether or not it will need repairs in the immediate or near future.

Appraisals, on the other hand, aim to value a home based on its property value, the size of the property, and the location of the property. The condition of the home is a factor in valuing a home, which is why some people confused appraisals with inspections.

Who pays for appraisals?

Like most closing costs, a home appraisal is a burden that falls on the buyer. Typically, the lender you choose will work with will actually order the appraisal. The cost, which usually amounts to a few hundred dollars, can be added to your closing fees. You can find the cost for an appraisal listed on the Closing Disclosure document provided by your chosen lender.

Which factors determine the home’s value?

To appraise the house itself, appraisers will look at the condition of the home. They’ll also weigh the features of the home in their valuation--things like the number of bedrooms and bathrooms, for example.

However, the two key characteristics of a home that contribute to its value are its age and size.

Which external factors contribute to the home’s value?

As you might suspect, the location of your home matters greatly when it comes to appraisals. Homes are appraised based off of average prices for their neighborhood and region.

Other location factors include how accessible the home is, if it’s located on a waterfront, and whether it has desirable views.

When does a home get appraised?

While your experience may vary based on your specific circumstances, most appraisals occur after a buyer has signed a purchase contract. One this is done, the lender will take the steps necessary to order and process the appraisal.

How long is the home appraisal process?

Once the buyer has signed a purchase contract, the appraisal is usually completed and processed within 7 days. The appraisal report will be sent to the lender. This report contains the appraised value of the home. Buyers are entitled to a copy of this report, and should keep one for their own records.

About the Author

Author
Anna Teyssonniere de Gramont
About My Life Polish born, French by marriage, American Resident since 2004. I know first-hand the stress and excitement of moving. With my husband and our 3 children we lived in Warsaw (Poland), Versailles (France), Singapore (Singapore), Chesney (France), San Francisco (California) and now Scarsdale (New York). I have earned Master’s Degree in Business Administration from Warsaw School of Economics. After working for a number of years in Finance Department for BOC Gases in Warsaw and Singapore, I dedicated my life to raising my 3 children, supporting my husband and taking care of our multiple homes. Since we settled down in Westchester, I have been actively involved in my children's schools' life. I offered volunteer work to Lyceum Kennedy, French American School of New York (FASNY) as well as Thornton Donovan School in New Rochelle. Recently, we have adopted a dog named Teepee from Pet Rescue in Harrison. Besides English, I speak Polish (native), French and some basic Russian. About My Work Whether you want to sell, buy or rent, we will work as a team. I strongly believe communication is key in building our relationship. You should never hesitate to pick up your phone and call or text me. I will always do my best to get you an answer or point you to a reliable resource. In this very competitive business of real estate, satisfied clients are the key to my success. Let me show you what I can do for you. Selling a home is a very important decision. Some try to sell their home by themselves. It is understandable, but 80% of homeowners hire a professional in order to sell quickly and for the best price the market can offer. Real Estate agents constantly monitor their local market. I have seen countless houses in every price range in many neighborhoods in Westchester. This extensive experience, helps me price your home right for the current market condition. We will work together to prepare your home for sale and professional photographs. Houlihan Lawrence lends their angent the best marketing tools to advertise your home. I will manage the showings for you and help negotiate the best price. Give yourself the best chance to find a qualified Buyer, so you can quickly and smoothly move to wherever you wish to be next. Talk to a professional Realtor. Talk to me. Buying a home is one of the most important decisions in life and for most people the biggest financial commitment, too. There is more to buying real property than finding a pretty home on-line. It is a process. It may go smoothly, if you understand it well and come prepared. As your agent, I can offer guidance and market information you need. I will show all the houses you will want to visit. I will verify information provided on the listing, I will give you information about its history and similar houses sold in the neighborhood to help you negotiate. As your agent, I will always have your best interest in mind! Don’t give up the chance to have a professional on your side. My area of expertise is buying, selling and renting residential properties in Lower Westchester NY: White Plains, Rye, Harrison, Mamaroneck, Larchmont, New Rochelle, Scarsdale, Bronxville, Edgemont, Eastchester, Hartsdale, Hastings-on-Hudson, Dobbs Ferry, Irvington, Ossining and Yonkers