House appraisals are one of the least-understood elements of buying a home, but they can actually have a tremendous impact on the outcome of your transaction. If you're buying a home with a mortgage, your lender will likely require you to get a house appraisal, but it helps to understand who performs this vital task and what it's for. Rynne, Murphy & Associates, one of upstate New York's largest house appraisal firms, are here with answers to a few commonly asked questions about the appraisal process.
What Are House Appraisals For?
Before agreeing to provide financing, the lender wants proof that they will be able to recover their funds if they should have to foreclose. Since home prices fluctuate so drastically, they rely on the opinion a real estate expert with an in-depth understanding of the local market to provide an accurate estimate of the home's value.
Who Pays For The Appraisal?
In most cases, the buyer pays for the appraisal at closing, but you may opt to pay for it in advance if you like. Some lenders will reimburse you for the cost of the appraisal, so ask your bank representative whether yours provides this service.
How Long Will It Take?
In a quality house appraisal, the appraiser will walk through the house looking for safety violations and visually inspect features that may impact the value of the property. This may take a couple of hours, and your report will typically be completed within seven days.
For more information about home appraisals from Rynne, Murphy & Associates, call (585) 262-3277 today. You can also visit their website for further details.