Why might you need an appraisal? How do appraisals work?

In many cases, lenders need a professional, independent appraisal of the property you want to buy or refinance to ensure that it is worth at least as much as they are being asked to lend on it. If you are making a smaller down payment and have a lower credit score, the lender is going to be even more interested in making sure the property that will be collateral for the loan is worth lending the amount requested.

A professional, independent appraiser will usually visit your home and inspect its interior and exterior. The appraiser doesn't want to buy your home, and isn't a visiting head of state. So whatever you do, do not postpone the appraisal until you get a chance to "clean up a little." Cleaning does not make your appraised value higher! And delaying adds time to an already lengthy process.

For More Information, click Appraisal

You can always call me with any questions.  918-271-0062  or go to my website:  http;//www.brettbrough.com

 
Posted by Brett Brough on 03/13/2008 03:00 PM   Comments (1)  
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1 Comments on Why Might You Need An Appraisal

JUL
18
2008

Thanks for you for taking the time to comment on this subject in the Active Rain network.  AR is the new "cyber backbone" of the industry, and with it's uplink to Localism.com it is transforming the real estate marketplace. Agents who don't see which way the cyberwind is blowing are going to find themselves at a considerable disadvantage inside of three to five years.
10:36am • #1


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Brett Brough

Tulsa, OK

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Cityscape Home Mortgage

Address: 5801 East 41st Street, Suite 350, Tulsa, OK, 74135

Office Phone: (918) 622-0900 x 112

Cell Phone: (918) 271-0062

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