Boca Mortgage Blog

The Real Deal on Home Appraisals

March 18th, 2015 11:48 AM by Leonard Silvestri

What are Appraisals and Why Are They Important?

A real estate appraisal is an expert valuation of real property and solely based on the opinion of the appraiser. The Appraisal process is mutually beneficial for both the potential buyer and the lender. Requiring a professional appraisal to be conducted prior to the finalizing of any legal documents helps protect the buyer from paying an outrageously high cost for the home and protects the lender from becoming stuck with a piece of property worth much less than the original investment. The home appraisal process acts as a buffer removing emotion and stress from the equation and focuses on the hard numbers for the property.

Appraisals vs. Inspections

Buyers should remember that there is a big difference between home appraisals and property inspections. Home appraisals are conducted to find the true value of the property for the purpose of reaching an agreement in price points. Home inspections are conducted to reveal an accurate analysis of the condition of the house. These inspections are primarily used for uncovering any hidden problems that the new owners may face in the future.

Buying a home is a big decision and we're here to help make the journey easier. If you have questions about the appraisal process or purchasing a home in general call (561) 395-4264 to speak with our mortgage experts. We’ll explain the loan process to you and answer any questions you may have about becoming a homeowner.
Posted in:General and tagged: home mortgageappraisal
Posted by Leonard Silvestri on March 18th, 2015 11:48 AM

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