What do Home Appraisers look for and How much do they cost?

What do home appraisers look for & how much do they cost?

An appraiser is a state certified and licensed individual that inspects homes to determine the home’s value. The home appraisal cost and home’s appraised value is determined using current real estate market trends as well as other factors.

Appraisals are usually required by the buyer to satisfy the appraisal contingency in the purchaser’s contract and by the buyer’s lender

Want to forgo the appraisal process?

We’ll buy your house as-is, without an appraisal.

How much does a Home Appraisal cost?

A typical home appraisal costs $300 to $450, however an appraisal can range anywhere from $260, all the way up to $800 and even past $1000, for larger, more complex homes located in big cities or metropolitan areas.

cost for a home appraisal

The national average is around $322. Appraisal costs may differ if the buyer is using FHA, VA or USDA loans.

In North Carolina, usually, you can expect to pay between $260 to $450 for a home appraisal; in South Carolina however, the cost is typically between $300 and $500.

What do home appraisers look for?

what do appraisers look for

An appraiser will use:

  • The age of the home
  • The quality and age of the appliances in the home
  • The square footage of the home
  • The square footage of the land
  • Any additional home improvements or renovations
  • The characteristics of the neighborhood the home is located in 
  • The quality of the materials used in the home
  • The current condition of the home
  • Compare the sales prices of similar homes in the area that were recently sold
  • Utilize current local market trends

to determine the fair market value of the home. 

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What hurts Home Appraisals?

Minor issues can affect a home appraisal. Such as:

  • Leaky faucets
  • Old dim/ flashing light fixtures
  • Missing door hinges
  • Stripping interior/ exterior paint

and major matters, such as:

All these issues, and more, can cause a low appraisal report.

What is an Appraisal Contingency?

This is a clause in the purchaser’s contract. It states that in the event the appraisal is less than favorable, the buyer can withdraw from the contract, and recover their deposit, without any legal implications.

Who pays for Home Appraisals?

In a traditional home sale, where a mortgage lender is involved, the lender will require an appraisal for buyers before giving full approval for the loan. The lender chooses the appraiser/ appraisal company and the buyer pays for the appraisal costs.

If an individual is refinancing a home, the appraisal cost will be on the homeowner.

If you decide to sell your home to The Residential Buyer however, no appraisal is needed.

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