Home Buying in White Plains>Question Details

Gino Bello, Real Estate Pro in White Plains, NY

What information is contained in a home appraisal report?

Asked by Gino Bello, White Plains, NY Fri Jan 6, 2012

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An appraisal is a unique review of the property for bank purposes. It will reflect such criteria as, square footage, location, condition as well as comparable properties sold in the area. It is best to understand that it is an, art not a science. If you get 5 appraisals they will likly be different as the personalities of the appraisers. It is all part of the process as they say. Try to remember in this era of "the deal" you are still putting a roof over your head!
Web Reference: http://www.andrewsilfen.com
0 votes Thank Flag Link Wed Jan 11, 2012
A home appraisal report provides an estimate of the current value of a particular property in an open and competitive real estate market. The appraisal contains information about the property such as location, lot size, square footage, upgrades and year built. Following are four things you should know about appraisals:

1. The buyer pays for the appraisal, which can cost from $250 to $500.
2. Appraisers are licensed by individual states.
3. An appraiser compares the features and amenities of a property to those of at least three other comparable properties sold in the area.
4. Lenders require appraisals to be done when a buyer wants a loan for a home purchase or refinance.
Negotiate an appraisal and loan contingency when you purchase a home so you can get your deposit back if the home appraises for lower than the sales price.
0 votes Thank Flag Link Fri Jan 6, 2012
In addition to the last answer they verify sq ft, lot size & come up with a market value (which can't hurt when it comes time for bank appraisal) I recently ordered an independent appraisal for a listing I had to 1) show the seller he was overpriced and 2 )to show a serious potential buyer the house was worth the offer he needed to submit to have a chance of getting the offer accepted
0 votes Thank Flag Link Fri Jan 6, 2012
If it is an owner occupied appraisal, the appraiser does the following:
compares it to 3 other properties that are similar that closed within the last 6 months within 1 mile of the subject properties.
makes adjustments for square footage of house and lot, amount of bedrooms and baths, amenities such as cental air and condition (besides age).
Checks with the municipality it is located in to see if the subject is what is permitted.
If an investment property, the appraiser does a rent survey.
0 votes Thank Flag Link Fri Jan 6, 2012
Ask the appraiser. They will review it with you, since they were paid to do it.
0 votes Thank Flag Link Fri Jan 6, 2012
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