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Linda Reeder
What is the Home Appraisal?
One of the most misunderstood facets of the buying process is the “appraisal” of the property to be purchased. There are several questions you may have about this process.
WHO is the appraiser?
Appraisers are licensed by the State of Missouri. These individuals
undergo an extensive 2-year apprenticeship process of training on the job
with an experienced appraiser. The final opinion of value is based primarily
on the experience and logic of the particular appraiser. The appraiser is generally selected by the lender.
WHAT does it cost?
The fee for a standard residential appraisal is generally a standard for a
given geographic area. In the Metro area, the normal cost is approximately $300 - $350. If the
subject property is valued at $500,000 or above, the cost will be more; and
some investors will require more than one appraisal. If a government
mortgage (FHA or VA) is being used, the fee is regulated by these agencies.
WHERE do I get a copy of the appraisal?
From the lender at time of closing. With some lenders, you must request a
copy.
WHEN will the appraisal be done?
Immediately after loan application the lender will order an appraisal of the
property, and it will generally be completed within seven to ten days. The
appraisal will be submitted with the loan package for review by the
underwriter.
WHY do I need an appraisal?
Before a lender will make a loan on a property, an estimate of value is
required. It is common for lenders to require that appraisals conform to the
Uniform Standards of Professional Appraisal Practice. This is done for the
protection of both the bank's and the buyer's investment.
Note: An appraisal done for re-financing is NOT necessarily the same. You could get a BIG surprise in the difference in appraised value between the two! Also, appraisals done for corporate relocation buy outs are often different than either of the two above. We would be glad to discuss these differences with you - just give us a call at (636) 861-3790 or contact me via the web.
HOW is the value determined?
An appraisal is simply a supported estimate of value. There are three
approaches to estimating market value of a property:
In most appraisals the appraiser correlates the indication of value by each of the three approaches, giving each a relative weight, and a determined value. When doing an appraisal for a home purchase, the direct sales comparison approach is usually the most relevant.
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Linda Reeder provides St. Louis Missouri real estate information and resources in order to assist home owners and home buyers with the process of buying and/or selling their St. Louis home or other residential real estate (house, condo or other property in St. Louis MO). Linda Reeder is a top St. Louis real estate agent and will assist you in getting the best value for your purchase or sale of a St. Louis MO home. Her on-line services include free search of the St. Louis area (includes St. Louis MO homes - St. Louis houses and St. Louis condos) Multiple Listing Service (MLS) with NO REGISTRATION, Email updates on new listings as they become available, and more. She provides you the information to help you learn more about St. Louis condominiums, St. Louis houses, and other St. Louis MO real estate. Linda Reeder is a GRI and is designated a Certified Residential Specialist (CRS) and Coldwell Banker University Graduate (CBU). Additionally, Linda Reeder is also an Accredited Buyer's Representative (ABR). When you want a top St. Louis REALTOR, Linda is your best choice. Linda can help you obtain financial services, professional building inspections, assist you in maximizing your relocation benefits, advise you on how to prepare your home for sale to maximize your selling price, and make your St. Louis home buying or St. Louis home selling process go smoothly and successfully. When you need a Realtor in the St. Louis MO area, call Linda Reeder. Linda Reeder |
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