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Buyer Seminar Step 7

Step 7

Appraisal

What Role Does the Appraiser Play?

The Appraiser:

  1. Determines property value (How?)

The appraiser will collect information from sales of:

  • New Construction
  • Sale of established Properties
  • (Compare subject property to sold properties)
  1. Sees to it that lender property requirements are met
  2. Addresses property condition and documents such with review of

property home inspection and personal inspection

  1. Determines if the property is code compliant
Appraised value depends upon one’s perspective

Miscellaneous Notes:

Criteria for legal bedroom:

  • Separate entry
  • Closet with door
  • Window large enough to craw through (Bottom ledge 40-45 inches off floor)

Exterior siding not touching ground

  • (VA wants 4-5 inches)

Ceiling heights (Normal 8′, Less than 6’6” is a problem)

Who pays for appraisal?

  • Normally the seller pays and that money is collected and paid before appraisal is preformed.

Please use the form below for any questions you may have.