Real Estate Appraisals
As your local Westlake realtor and real estate team, we understand the value of a proper real estate appraisal. We also understand that the process of an appraisal may seem a bit confusing. Whether you are buying or selling a home a real estate appraisal is important because it helps to establish the homes actual market value. This valuation is required by every lender as they want to verify that the property is at least worth what they are lending. Therefore, it is important that the appraisal comes in at the value of the contract in progress.
A real estate appraisal should not be confused with a CMA. A CMA stands for a comparative market analysis. This is different from an appraisal but is used to compare comps in the area to help determine a proper listing or offering price. An appraiser may use a CMA as part of their evaluation but only as part of it as each home is different. The official appraisal is the only data that a lender will consider when lending. Every appraiser is licensed by the state and needs to be an objective third party. The appraiser should have no financial gain in the transaction.
Every appraisal will show the details about the entire property, the overall current real estate market, and any specific/significant flaws with the property. The entire process should only take a few hours but will cost upwards of $300 depending on the size of the home in question. An appraisal is typically good for 4-12 months. As your local Westlake realtor our team is here to help you understand the entire buying and selling process. If you have any specific questions about how a real estate appraisal affects you, please feel free to reach out to us at any time.