If you’re a renter now buying, a new seller or buyer, here’s an Essential Guide to Real Estate Appraisals for Homeowners and potential residential property owners.
What is a real estate appraisal?
Assessing the value of the property being bought or sold. You can depend on your Lang Realty agent to help you get quotes from and choose a licensed property appraisal service. The types of real estate appraisals differ between residential and commercial.
What is the purpose of a real estate appraisal?
To determine what is called “the fair market value” of the property in the current real estate market, usually within the last 90 days. Your potential lender will require an appraisal to make sure the mortgage isn’t more than the property is worth.
How does a real estate appraisal work?
The appraisal service will assign a walkthrough of the house to determine its overall condition and the neighborhood and will issue a report. To be clear, this is NOT a home inspection, which includes an inspection of the major systems like plumbing, electrical and air-conditioning to make sure they work.
Who pays for residential appraisals in Florida?
The buyer pays the fee, and it’s included in your costs at closing, when the property legally changes hands at the end of the real estate transaction. In some cases, the seller may get an appraisal before listing the property. Your Lang Realty agent will know and advise you.
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