It is important to note that an appraisal is not a home inspection. It is typically recommended that home buyers have a home inspection when buying a home. The initial cost of an appraisal ranges from $400-$500 depending on the unique features of the property.
Even though the appraisal is not as thorough as a home inspection, issues may arise that would require the appraiser to revisit the home before completing the final appraisal used to underwrite your loan.
What are common appraisal issues?
Stringent loan program guidelines
The borrower, agent, or contact did not show up at the scheduled time
There was no key in theÂ lockbox
Repairs or upgrades were in progress and not complete
Missing stairs, deck or handrails
Broken or missing windows
Roof and shingle issues
Missing GFCI (Ground Fault Circuit Interrupter)
Damage to drywall, mold, mildew, water leaks, chipped or peeling paint
Inadequate electrical system
Non-functional heating & cooling system
Low appraisal report
Clutter and debris prevented the appraiser from inspecting all areas completely
Unable to access all interior rooms and outbuildings
What can I do to prepare for the appraisal?
All utilities must be turned on at the time of inspection and in working order
All interior rooms (including attic and crawl spaces), exterior outbuildings, garages, barns must be accessible
Ensure all clutter and debris in the house are clear for the appraiser to inspect all areas completely
Make sure all repairs are completed prior to your scheduled appraisalÂ to avoid additional revisit cost and delays in closing
How much does an extra appraisal visit cost?
Each extra visit may cost $125-150 in addition to the upfront cost and can delay your closing.
Who is responsible for payment if an appraisal revisit is required?
The cost of the revisit is charged to the homeowner/loan applicant.
Click here to apply and get pre-qualified.Â I can be reached directly or via text message at (240) 674-3665. You may also e-mail me at firstname.lastname@example.org.
DISCLAIMER:Â All loans are subject to credit approval and underwriting approval. This is not a commitment to lend.