How to Get a Property Appraisal

Video Transcript

"How do you get a property appraisal on your home? I'm Richard Blake and I'm going to explain the process of an appraisal for you. An appraisal can be done for many reasons. Such as refinancing your home, the purchase of a property, or even to be used as the marketing of a property. The best thing for you to do is go to your local bank and ask them if they can do an appraisal for you. If you're doing a refinance on your own home, then own lender's going to want to do the appraisal for you. So you're just going to contact them. But if you're actually looking to purchase a home and you want to have an appraisal done when you're purchasing the home, you're going to contact your mortgage broker and they'll send an appraisal out for you. This gives you piece of mind to know that you're not overpaying for the home. What the appraiser's going to do is take the comparables in the neighborhood. They're going to take the active comparables. But most importantly they're going to take the sold comparables. Usually three, and they want to have about twenty percent of the value of the subject property. Meaning if it's a thousand square foot home, they're not going to take homes more than twelve hundred square feet and they're not going to take homes less than eight hundred square feet. As well as they usually want to stay within two mile radius of the subject property. Bedrooms really aren't that important, because it is more calculated in the square footage. But what's most important for you to know, is that it'll give you piece of mind in knowing that you're not overpaying for the house. As well as it's only as much as your lender's going to, going to allow you. Or I'm sorry, it's only as much that's the amount that lender is going to loan to you and no more than that. So if the owner is asking more for that home than what the appraisal is, the chances are you're going to want to walk away from that deal. Again, contact your local mortgage broker, they'll be able to give you more information on a good appraisal. I'm Richard Blake. Have a great day."