The Home Appraisal Process: A Checklist for Homebuyers and Sellers

Buying or selling a home involves plenty of moving parts, and the home appraisal process is one step that can raise questions for both buyers and sellers. What does an appraiser look at? How long does an appraisal take? And what happens after the appraiser finishes the inspection? Whether you’re buying or selling in Dumfries, VA, Tampa, FL, or another market, understanding the home appraisal process can help you know what to expect. An appraisal provides an independent opinion of a property’s market value and can play an important role in the mortgage process. What is a home appraisal? A home appraisal is an assessment of a property’s current market value completed by a licensed or certified real estate appraiser. When a buyer is financing a home with a mortgage, the mortgage lender typically orders the appraisal to help determine whether the property provides enough collateral for the loan. An appraisal may also be required when refinancing a mortgage or applying for certain types of home equity financing. Unlike a home inspection, which focuses on identifying potential problems and evaluating the home’s condition, an appraisal is primarily concerned with determining the property’...