what is an appraisal?
An appraisal is an unbiased estimate of the true fair market value of a home, ordered by all lenders in order to obtain the market value of the home and ensure that the borrower is requesting the proper amount of money. The appraisal normally includes the information for similar sales in the area, the property’s condition, and how the neighborhood it’s located in affects its value. An appraisal is performed by professionals who are licensed and certified to fairly determine the value of a home in the state the property is located. An appraiser creates an informed opinion on the home’s value based on required training, tests, on-the-job experience, and continuing education required by the state. They’re also required to justify any findings that could influence the home’s value in their reports. It is a heavily regulated business with severe consequences for anyone found to be creating deliberately misleading or biased reports.
Appraisers look at the condition of everything that is permanently part of or attached to the house. Décor and furniture have no bearing on the appraisal process; the home’s physical characteristics (location, age, size, lot size, number of bedrooms and bathrooms) are what determines the appraised value. Sellers and buyers have the right to challenge an appraisal if they feel there are any inaccuracies. Lenders review appraisals by checking it against other appraisal reports for sales in the same neighborhood. This system helps the lender, along with the buyers and sellers, to catch any issues that may arise and require an investigation into the appraisal.
Protect your most valuable asset, your home, with affordable insurance solutions from MMIA. Get a quote today!
how can we help?
My Member Insurance Agency (MMIA), an affiliate of Frankenmuth Credit Union, can help protect what matters most to you, and make sure you and your family are protected in the event of a loss. We have the ability to shop your home insurance through multiple, top-rated companies. Whether this is a new purchase or refinance, this allows us to find the right fit of premium and coverage for each individual situation. We tailor policies to your needs and find the right option for you, rather than offering a ‘one size fits all’ solution with a single insurance carrier. We are with you through the entire process and work directly with your mortgage officer at the Frankenmuth Credit Union to make sure you are well-taken care of throughout the home buying process and beyond.
carriers we represent
Use the form below for an insurance quote. For questions, contact us today. We are here to help!
get a home insurance quote today!