🔍 What Is a Home Appraisal?     A home appraisal is a professional, third-party assessment of a property's market value. It's typically required by lenders during a home purchase or refinance to ensure the loan amount doesn't exceed the value of the property.       🧑‍💼 Who Performs the Appraisal?     A licensed or certified appraiser—who is neutral and independent—is hired by the lender (but paid for by the buyer or homeowner).       📝 What Factors Affect an Appraisal?     The appraiser examines:   Comparable sales (recent sales of similar homes in the area) Condition of the home (maintenance, repairs, renovations) Size and layout (square footage, number of bedrooms/bathrooms) Location (neighborhood quality, proximity to schools, amenities, etc.) Market trends (local housing demand, price trends)         🏠 Appraisal Process Steps:     Inspection – The appraiser visits the home to document condition, layout, features, and upgrades. Research – They review recent sales of comparable properties (comps). Analysis & Valuation – Using this data, they calculate a fair market value. Report Delivery – A formal appraisal report is sent to the lender (and you may request a copy).         💰 Why It Matters:     For Buyers: Ensures you're not overpaying. For Sellers: Helps you price your home competitively. For Lenders: Confirms the property is adequate collateral for the loan. For Refinance: Determines how much equity you have access to.         ❗ What If the Appraisal Comes In Low?     Renegotiate price with the seller Challenge the appraisal with better comps or evidence Bring more cash to cover the gap Cancel the deal (depending on contract terms)     House Keys is brought to you by  Mountain Retreat Realty Experts https://mtnretreatrealty.com   House Keys is produced by Birdman Media™ and supported by sponsors of the Birdman Media™ Community

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