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Home Appraisal
Whether you're buying or selling, the home appraisal is an important part of the process. It provides an accurate figure for the current market value of a home.
Why an appraisal is important to a buyer
Lenders don't like making loans on homes that are priced significantly above their appraisals. You'll have a harder time getting a loan on such a home, or be required to put more money down. And you may want to think twice about a home that is appraised for well less than you're paying for it.
Why an appraisal is important to a seller
As a seller, you want to get the most value out of your home, but you don't want to price your home out of the market. Your selling price should match fairly closely with the appraised value to ensure a smooth sale.
Who does the appraisal
Appraisers are qualified by education, training, and experience to estimate the value of real and personal property. They usually charge one fee for a single-family home and slightly higher fees for duplexes and multi-family homes.
Appraisals for government-insured loans, such as a FHA (Federal Housing Administration) loan or a VA (Department of Veterans Affairs) loan, must be done by FHA- or VA-certified appraisers.
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What appraisers consider |
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| General condition and age of the home |
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| Size of home and property |
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| Location of the home, including views or other remarkable features |
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| Features of the home (3 bedrooms, 2 baths, etc.) |
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| Major structural improvements such as additions and remodeled rooms |
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| Sought-after architectural features such as skylights and fireplaces |
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| Comparable properties in the neighborhood that have sold recently and sales prices (this is usually the most important factor in determining the value of a home) |
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Countrywide has a huge selection of loans built to suit specific needs of our customers. Our home loan experts are ready to help you find the loan that’s right for you! Contact us now to get a FREE, no obligation loan consultation:
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1-800-825-4863 |
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Available 7 days/week |
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Quick and easy process |
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Low, up-to-the-minute rates available by phone |
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Ask about our no-closing cost loans |
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 Equal Housing Lenders. © 2008 Countrywide Bank, FSB, Countrywide Home Loans Division. Member FDIC. Trade/service marks are the property of Countrywide Financial Corporation, Countrywide Bank, FSB, or their respective affiliates and/or its subsidiaries. Some products may not be available in all states. This is not a commitment to lend. Restrictions apply. All rights reserved.
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