Every prospective homebuyer desire one thing – and that is seeing these two words: “mortgage approved”, but the road to mortgage approval is long and at times, hard.
The truth is it’s a meticulous process, but in many ways, it is rightfully so as there are risks involved for both borrowers and lenders.
A positive ending to your mortgage application has a lot to do with having a satisfactory home appraisal.
Homeowners may view appraisals as an annoying hurdle to overcome, but we would like you to view it as a necessary step to reduce the risks involved in lending people huge sums of money.
After all, buying a house is a huge deal that comes with specific responsibilities. A satisfactory appraisal is one of the key factors in determining whether a mortgage application gets approved or not.
Now, with a lot hinged on a home appraisal, it’s only normal for you, as a prospective homebuyer to become nervous about this particular process.
If you require a home appraisal in the immediate future, you may be sitting right now, asking the question:
“What do I need to do before I have an appraisal done?”
To save you from potential nail-biting and hair-pulling, here is a short version of the answer: You don’t need to do anything big.
At this point, major renovations and elaborate staging of the property are not necessary. Some essentials that appraisers examine like home size and lot size and market value of similar homes sold in the area are things that are out of your control.
However, there are a few concerns for appraisers and lenders that home buyers and owners/sellers can address.
Being aware of these concerns and addressing them properly, can make the property appraisal process easier and smoother for all parties involved. You can also help maximize the value of the property.
Let’s break down these concerns:
The last thing that lenders would want to have is a house filled with safety and health hazards that can threaten the well-being of its dwellers.
Home hazards are a major red flag to lenders, but the truth is they shouldn’t be the only ones ensuring safety standards for homes are met.
Homeowners and buyers should also share this major concern. Property appraisers are not home inspectors…
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