Hey New Hampshire, what is the purpose of the appraisal and what should I know about them?
26 Jan 2012 Leave a Comment
in New Hampshire Real Estate Tags: N H realtor, New Hampshire, NH bank owned, NH condos, NH foreclosures, NH Home Sales, NH NH home sellers, NH property values, NH real estate, NH rentals, NH short sales
Hey New Hampshire, what is the purpose of the appraisal and what should I know about them?
For anyone in New Hampshire that is purchasing a home will need to have a bank appraisal per lender requirements.
An appraisal is a comprehensive report that shows all the details of the home you are purchasing and compares it to other homes and pertinent trends and data to determine the fair market value of the home you are purchasing.
Because the lender doesn’t really know the house or the neighborhood of the home you are purchasing it needs independent eyes on the scene to determine fair market value on their behalf.
So in order to get the loan consumers will pay in the neighborhood of $400 towards the cost of the appraisal services.
The actual appraisal will show fair market value and the consumer will also get a hard copy to keep for their records.
The purpose of the appraisal is to show the market value as the lender will not lend the buyer more than what the home is worth.
So what it all means to the buyer is documented assurance that you are getting a fair deal and your investment in real estate is a smart one.
Hope this helps explain this topic and sheds light on why you need an appraisal and what the appraisal is.
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