Home Appraisal. What is it? A Realtor’s Perspective.

Your expert term of the day: Appraisal. What is an appraisal? Home Appraisal is the valuation of how much your home is worth compared to others around you, and it’s often required before finalizing any sort of loan. It gets called into action when dealing exclusively or mostly with mortgage lenders; they want this done beforehand, so there aren’t surprises down payment-wise once you’re approved. At NJ EXP Realty, our head agent Curtis Counts has your back. Join us in this concise explanation of Home Appraisal.

Home Appraisal is Essential in the Home Buying Process

Appraisals are an important part of the home buying process. They assure you that you’re not getting more money for your house than what it’s worth, so this is something else to consider when looking at prices. Deciding which lender will be best suited towards achieving goals concerning obtaining financing options such as mortgages or rent-to-places like apartments.

The buyer pays for the appraisal, and since we can only speak from our experience, the cost in New Jersey is a range of somewhere $600 – $800, depending on the property size and location.

Appraisals are typically ordered very early on in the transaction. Once the two parties have agreed that they’re under contract and that the lawyers have ratified said contract, the buyer will pay for this out of pocket as soon as it gets ordered.

So, it’s not technically a part of your closing cost because you pay for it well before closing.

The EXP New Jersey Real Estate Experts are Here For You

Would you like to learn more? Do you have any inquiries? Our expert agents are eager to help you with your real estate concerns and needs. Contact us to discuss your requirements and find custom solutions tailored just for you.