Miami real estate news and information

Getting An Appraisal

You have an executed contract on the home of your dreams. appraisalYou’ve determined that there are no defects on title and you have done inspections amd resolved anything that came out of that process. Now it’s time to order an appraisal.

The appraisal is an estimate of the value of the property, made by a qualified professional. The appraisal of your new home is important because it serves as a determining factor for the amount of your loan. The main goal of the appraisal is to justify the lender’s investement but it also serves as a mean of protecting you from overpaying for the property. Your lender usually hires the appraiser and will charge you as the buyer a fee.

If the appraisal falls short of the amount you are borrowing, you may be refused a mortgage, or offered a smaller amount on the mortgage. Your contract may be contingent on where the appraisal comes in-whether the appraisal comes in at or above the purchase price you and the seller have agreed to.

The Restivo Team is here to guide you not only through the appraisal process, but from the start of your search to the closing table and beyond. Call or email us today…we’re ready to help YOU!

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