Appraisal

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Everything You Need to Know About Appraisal Gaps

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With mortgage interest rates remaining low compared to historic averages, many people are financing their home purchases – a move that makes a lot of financial sense.

Whenever you buy a property and intend to take out a mortgage on it, whether it be a house, condo or cooperative, all mortgage lenders will require an appraisal, which is an unbiased estimate of the true or fair market value of the property. All lenders order an appraisal during the mortgage loan process so that there is an objective way to assess the home's market value, and ensure the amount of money requested by the borrower is appropriate.

Here’s What to Expect During the Appraisal Process

While many home buyers and sellers are familiar with the home inspection that occurs at the beginning of the contract period, they may be less familiar with another inspection that can have an even greater impact on the home sale: the appraisal. The home appraisal looks at the property, both individually and within the context of its market, to determine whether it is being sold at fair market value.

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