What Is a Home Appraisal?

A home appraisal is an independent, professional estimate of a property's market value. When you use a mortgage, your lender orders an appraisal to confirm the home is worth what you're paying.

Why Lenders Require It

Your lender wants to make sure the loan is backed by adequate value. The appraisal protects the lender, and it also gives you confidence you're not overpaying.

How Appraisers Determine Value

An appraiser evaluates the home's size, condition, features, and location, then compares it to recent sales of similar nearby homes.

What Happens Next

If the appraisal meets or exceeds your purchase price, your loan proceeds normally. If it comes in low, you have options to renegotiate or cover the difference.

Questions About the Appraisal?

Reach out and I'll walk you through what to expect and how to handle any appraisal surprises.