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What Is An Appraisal

Wednesday, February 16, 2022   /   by Tara Turner

What Is An Appraisal

What Is An Appraisal

Every house is unique. Appraisers are trained and licensed for expertise in putting a value on properties. Appraisers don't work for the buyer or seller. Their primary mission is actually to protect the lender, who is risking money against the home's value. 

Appraisers have to weigh factors about the property and location, including size, condition, and comparable properties to appraise it's current value. They know how to focus on conditions that affect value: dishes in the sink don't, damage and neglect do. 

Appraisals lower than the proposed purchase price can affect transaction details. The seller might have to lower the price or the buyer might have to increase the down payment or fund additional escrow. 

Appraisal seems a lot like inspection, but they are not the same. You can think of it this way: appraisers report on value to the lender, inspectors report on the condition of the house and major components to the buyer. So expect both appraisal and inspection in your transaction.

If you have any questions relating to buying or selling a home, please give us a call at 909-255-1070. Mitchell Stein License# 0208163

Stein Team Realty - Keller Williams College Park
Mitchell Stein Dre# 02081632
2440 W Arrow Route #5C
Upland, CA 91786
310-770-4121
DRE# 01885348

Based on information from California Regional Multiple Listing Service, Inc. as of May 22, 2022. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
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