Month: January 2024

Residential appraisals are more straightforward than you think You've sold your house, but your offer is conditional upon an appraisal by the bank. What does this mean? The buyers of your home have applied for a mortgage from a bank, with the house used as collateral. The bank gets an appraisal to ensure that there's enough value in the home to cover the mortgage in the event the buyers default. (Depending on the financial institution, the client and the economic…...

For many years, as a practicing appraiser, I didn't have a huge amount of contact with homeowners or residents. A financial institution would call with an appraisal request, I'd make arrangements with the real estate agent to pick up the keys or access the lockbox, and do the inspection when the owners or residents were at work. It was left to the real estate agent or mortgage provider to explain the appraisal process to their clients. But these days, more…...