Buying a Home,  Home Value,  Selling a Home

Your Guide to Home Appraisal

You’ve found your dream home and now it’s time to cross all your T’s and dot all your I’s before it’s all your own. And one of the first items on your closing checklist the home appraisal. So, what exactly is that?

The home appraisal is essentially a value assessment of the home and property. It is conducted by a certified third party and is used to determine whether the home is priced appropriately.

During a home appraisal, the appraiser conducts a complete visual inspection of the interior and exterior of the home. He or she factors in a variety of things, including the home’s floor plan functionality, condition, location, school district, fixtures, lot size, and more. An upward adjustment is generally made if the home has a deck, a view, or a large yard. The appraiser will also compare the home to several similar homes that were sold within the last six months in the area.

The final report must include a street map showing the property and the ones’ compared, photographs of the interior and exterior, an explanation on how the square footage was calculated, market sales data, public land records, and more.

After it is complete, the lender uses the information found to ensure that the property is worth the amount they are investing. This is a safe-guard for the lender as the home acts as collateral for the mortgage. If the buyer defaults on the mortgage and goes into foreclosure, the lender generally sells the home to recover the money borrowed.

Since 1983, Teresa has been selling residential real estate in the Central Ohio area. Since the start of her career she has helped many happy clients realize their dreams through real estate. As a result, her loyal clients, personal referrals and repeat business form the foundation of her career. Her clients choose her for her knowledge, expertise, honesty and experience. You can count on Teresa as your guide and resource for Central Ohio real estate. She is a member of the National Association of Realtors, Ohio Association of Realtors, Columbus Realtors and Independent Brokers Association. Have questions about real estate? Contact her today!

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