BROWSE HOW TOs

How to Get a Home Appraisal in Cincinnati

By eHow Personal Finance Editor

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A home appraisal is a market valuation of real estate or property by a professional. Before a bank or lender will invest their money in your home loan, they will require an appraisal to ensure the property is as valuable as you say it is. The collateral for the loan must be valued at no less than the amount of the loan you are requesting. The bank will usually choose the appraiser if you are buying. If you’ll be selling your Cincinnati home, you can hire an appraiser to help set a price. To get a home appraisal, follow these steps.

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Tips & Warnings

Try to make the appraiser’s job easy. You don’t have to accompany him or her while evaluating the home, but you should be available to answer any questions. Make sure small or cramped spaces such as a crawlspace, basement or attic are accessible.
Is your borrower applying for a VA or FHA loan? If so, you may want to make certain required improvements, such as installing smoke detectors or handrails on stairways.
If your appraisal comes in lower than expected, try to ask yourself why. Is it your property in particular, the houses in your neighborhood in general, or the overall housing market?
Keep in mind that due to real estate market factors, a property’s appraised value may not be the same as its market value.
Ensure that your appraisal is being performed by a reputable appraiser. It is not advisable to simply pick a name out of the phone book. Instead, rely upon the referral from your appraisal district, lending institution or real estate agency.