A home appraisal can make or break a home sale and especially important when working with a mortgage company in Cookeville. Here are some things you should known before keeping your closing date intact and purchasing a home. A home appraisal holds a large amount of power in your mortgage deal. It may affect the overall agreed-on price and other terms of a mortgage.
As a buyer, you cannot affect the appraisal that much. There are guidelines set up to benefit buyers that help to prevent appraisal fraud. This helps ensure that the price isn’t inflated and is at true market value for its condition.
You can take the seller and their mortgage lender’s word on the value, but knowing the true comps requires some homework. Look at recent sales prices on similar homes in your area. This gives you a baseline for value that can be used in a negotiation process with a seller and their mortgage company.
If you look at the appraisal report and think there are errors or omissions, ask for a revaluation if you feel it’s warranted. If the home isn’t appraising anywhere near where you think it should, while it may cost another appraisal fee, it may save you money in the long term.
Ultimately, the more prepared you are with home buying and mortgage, the better deal you will get. After all, this is the largest purchase you most likely will make in your lifetime and being prepared before a conversation with a loan officer is the responsible thing to do for your financial future.