Appraisal

  • The purpose of an appraisal is to confirm the home is valued for at least what the contract price specifies. 
  • They are ordered through a third party Appraisal Management Company, unless it is a VA loan, which are managed by VA.
  • Once we receive the report, we will notify you of the value and provide a copy once approved.  
  • If the value is less than the purchase price, with the guidance of the realtors, we will submit a challenge.  If the value is agreed to be correct, the buyer and seller will negotiate the shortage and provide an Amendment.
  • If repairs are required, they will be defined in the report.
  • Once ordered, the average time to receive a report is 10 to 14-days.
  • Appraisals are good for:
    • 120-days for FHA, Conventional, and USDA. 
    • 180-days for VA.
  • Cost are determined by Appraiser & Management Company, below are estimates:
    • Conventional: $525.
    • FHA/USDA:  $525.
    • Manufactured Homes: $575.
    • VA: $440.
    • Jumbo Loans & Unique Properties:  $700
    • Investment (Rent Comp/Operating Income).....$250 additional  (we do not always need if we are counting the entire proposed payment in buyers ratios).