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Getting the Property Appraised

Once you make your offer, your lender will order an appraisal to get a professional opinion on the value of the home – versus how you and the seller value the home. They are making a big investment in the home and need to know through a formal appraisal process that it’s worth what you’re offering to pay, or what they’ll lend you. 

Appraisals can protect you and the bank:

  • Your lender doesn’t want to lend $150,000 on a home that’s only worth $100,000
  • You don’t want to pay $150,000 for a home that’s worth much less
 

Tip

In your written offer, it’s recommended that you make the home purchase contingent on the appraisal.

The appraisal is a necessary step in getting your financing secured and your lender will want the appraised value to meet the value of the loan.

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