Vanguard Realty Associates

Vanguard Realty Associates


What happens during a home appraisal?

Filed under Buying a home on Sep 20,2022 | Tagged in: , ,

Many home buyers and sellers are not aware that after an offer is made on a home, the mortgage lender will require an appraisal of the home before a mortgage commitment is provided.

The purpose of the appraisal is to assure the mortgage lender that the house is worth what the buyer has agreed to pay for it. If the home appraises at or above the agreed-upon purchase price, the loan will usually move forward. If the home appraises low, the seller may have to reduce the asking price. The appraiser will conduct a thorough assessment of the home’s interior and exterior, and compare the home to similar homes on the market. The Home Buying Institute offers this helpful article that explains the process and the items reviewed. The real estate purchase and sale process can be very complex. That’s why it’s important to partner with professionals who can guide you through it. Trust the team at Vanguard Realty Associates.  We’ll be with you every step of the way.

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"I worked with Donna Brun for the past year to sell my home in Cold Point Manor. The real estate market has not be optimal for sellers. I have to share it was a pleasure to work with Donna. Her commitment and honesty were important to me. She cares about the work she does each day which I find so valuable and refreshing in business today. I would highly recommend Donna Brun to help you with your real estate needs." - Scott Passman

Scott Passman


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