If you’re ready to purchase the wine country real estate you’ve always dreamed of, you’ll need a home appraisal to complete the process. You can ask your realtor for recommendations, or get a tip from a trusted friend or family member. But what does the process entail? Keep reading to find out!
A home appraisal involves a licensed professional real estate appraiser surveying your wine country real estate to find an objective estimate of its value.
This process is necessary for a few reasons, primarily to inform your mortgage lender what the fair market value of your home is. By providing them with this information, they can be sure they’re not lending more money than is necessary. Appraisals also protect buyers from overpaying for a home.
On average a home appraisal could take anywhere between 1-3 hours. A lot of it depends on the size of the property and the home itself. Keep in mind that while the appraisal may not take more than 3 hours, the final report won’t be available until at least a week or two later.
Once the appraiser has finished inspecting the property they will begin comparing their findings to other similar properties in your area to come up with the value for your mortgage lender.
Your mortgage lender will handle the task of ordering the appraisal after all of the home inspections are complete. If there are any repair negotiations on the table, the lender will wait until these are resolved before ordering the appraisal. The buyer will then assume the cost of the appraisal which can range between $300 and $400, depending on the size and features of the property.
When the appraiser has finished their report and the results come in, three possible scenarios can unfold: