How Home Appraisals Effect The Real Estate Closing Process

Let's talk about Home Appraisals. Appraisals matter because they can determine if you can even purchase the home. The lender wants to have verification that the home is worth what you are paying for it.

By definition, an appraisal is a valuation of property, such as real estate, a business, collectible, or an antique, by the estimate of an authorized person. The authorized appraiser must have a designation from a regulatory body governing the jurisdiction of the appraiser. Appraisals are typically used for insurance and taxation purposes or to determine a possible selling price for an item or property.

So anytime you get a home loan, you will likely be paying for an appraisal. Specifically, in North Carolina, the lender orders an appraisal and by random, an appraiser comes to the property and will report back what they feel the property is worth.

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Thomas & Webber
514 Williamson Rd.
STE. #431
Mooresville, NC 28117

704.663.1600

Real Estate Attorney Mooresville, NC
Closing Attorney Mooresville, NC
Ben Thomas - Real Estate Lawyer 31 years
Tiffany Webber- Real Estate Lawyer 5 years
Helping clients handle both residential and commercial real estate closings in Mooresville, NC.