Understanding Appraisals in Pensacola Florida for First Time Buyers
By Charles Stallions, 850-476-4494 - Pensacola, Pace or Gulf Breeze, Fl.
(Charles Stallions Real Estate Services )
Understanding Appraisals: What You Need to Know Appraisal is crucial in determining the final sale price when buying or selling a home. But what exactly is an appraisal, and how does it impact your transaction?What Is a Home Appraisal? A home appraisal is an unbiased, professional assessment of a property's value, conducted by a licensed appraiser. Mortgage lenders require appraisals when a buyer is financing a home to ensure its value aligns with the loan amount they approve. This protects both the buyer and the lender from overpaying for a home.Who Requests and Owns the Appraisal? Requested by: The buyer’s lender, as part of mortgage approval. Paid for by: The buyer (typically). Owned by: The lender, not the buyer or seller. However, buyers usually receive a copy. Seller Access: Se...
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