Tucson Home Appraisals

A home appraisal is usually required by lenders before approving a home loan. Even though the lender will typically choose the appraiser, the buyer will be responsible for paying the fee, usually between $200 and $500. Sometimes, a lender will provide the buyer with a list of pre-approved home appraisers to choose from. The law states that a buyer has the right to a copy of the appraisal report if requested in a reasonable time. The lender will be able to provide the copy to the buyer.

The value of a home as determined by an appraiser is dependent on a number of different factors. Usually the appraiser will compare the property with three other similar properties in the area that have recently been sold. The appraiser will adjust the property's value according to the differences between the properties. For example, if the property in question has only a one-car garage and the other properties have two-car garages, the appraiser will lower the value of the home.

Getting a Home Appraisal in Tucson

A good real estate agent in Tucson can assist in the appraisal process. The buyer's agent should provide the appraiser with information about comparable sales in the area. Ideally, the appraiser should be knowledgeable about the area, as much of the appraising business is somewhat subjective.

It is important that a home be appraised for as high of a value as possible, because the appraisal will affect whether the loan is approved. A lender may only be willing to give a borrower a loan for a certain percentage of the home's value. If the home is appraised much lower than the bid, the loan amount many not be sufficient for the buyer to afford the home. The buyer may have to come up with more of a cash down payment, or find another property to buy.