Buying a home is an exciting process, but it’s a challenging process, too. There are several different steps you have to take in order to ensure that you can successfully purchase a home in accordance with all of the relevant laws and regulations. One of the most important steps of the home buying process is getting an appraisal. An appraisal is a professional assessment of a home that is meant to determine its value. Appraisal services in Maryland are important because they ensure you are paying a fair price for your home, and they also provide important information to your mortgage lender:
- How much is an appraisal? An appraisal varies in cost depending on several different factors, including where you live and which specific appraisal company you hire, but you can expect this service to be between $350 and $500. You won’t usually be expected to pay the appraisal fee directly to the appraiser. Instead, the cost is deducted from the settlement fee when you close on your home.
- What if the appraisal doesn’t match the sale price? Since the appraisal is meant to establish the value of the home, you would expect the appraised value to match the sale price, but this isn’t always the case. The figure that you receive from a professional appraisal may be higher or lower than the asking price of the owner.
- Are appraisals mandatory? Since getting an appraisal can be a hassle, lots of people wonder if it’s absolutely necessary. In most cases, you will have to get an appraisal when you buy a home. This is mandated by your lender, who wants to ensure that the value of the loan you receive matches the appraised value of the home. However, if you are buying your home outright in cash, you can choose whether or not to get an appraisal. In this case, you might choose not to get an appraisal in order to save money, or because it’s evident that the home is being listed for a reasonable price.
- What information does an appraiser have access to? An appraiser is a professional who has been trained to accurately attribute value to property. In addition to this training and background knowledge, an appraiser will also have access to information about the listing price of the home they are appraising, as well as the amount that the seller will pay in closing costs. These figures can help give an appraiser the context they need to provide precise appraisal services in Maryland.
If you need appraisal services in Maryland for an upcoming home purchase, make sure you reach out to the team at Jane Campbell-Chambliss & Associates, LLC. Since 2008, we have been providing comprehensive appraisal services to our clients. We offer professional appraisals of real estate and valuables, as well as personal property consulting and auction services. We are proud to offer exceptional services at reasonable and transparent rates. To find out more, simply give us a call to schedule an appointment.