As a buyer, or seller getting the property appraised can be an unknown, new experience. Home appraisals in Maryland or property appraisals are professional assessments of a property’s dollar value. It is performed by a licensed professional appraiser and allows a buyer’s lender to figure out if the property in West Virginia is worth the amount of money the buyer wants to borrow for it.
It is also important when you want to get your property refinanced. An appraisal can be an integral part of the deal for both the buyer and seller or the homeowner, as it can cause inconveniences, settlement delays, or even result in the buyer abandoning the deal or the refinance being rejected. Being prepared for the appraisal is important to reduce the stress all of it could cause.
Let’s discuss the steps of a property appraisal and what happens after it to help you understand what to expect when you get your home or property appraised.
Steps of a Home/ Property Appraisal
Once a buyer and seller have agreed on a purchase price for a property and signed its purchase agreement, the buyers can get the property appraised for their mortgage lender. Here are the steps of a home or property appraisal.
- Step 1 – The lender typically requests an appraisal through an appraisal management company (AMC) or through a licensed appraiser directly.
- Step 2 – The AMC or appraiser accepts the request and starts researching the property through public records. Every record is scrutinized, and the research includes the value of similar nearby homes sold recently.
- Step 3 – An on-site inspection is conducted by a licensed appraiser for a comprehensive appraisal. This inspection may take anywhere between 20 minutes to several hours.
- Step 4 – The appraiser prepares the appraisal report and delivers it to the AMC or the lender for mortgage underwriting.
- Step 5 – The mortgage lender delivers a copy of the appraisal report to the borrower or buyer. The lender must deliver a copy of the completed appraisals promptly under the Equal Credit Opportunity Act (ECOA).
This entire process typically takes around two weeks, but the duration can vary depending on the complexity of the appraisal and the market conditions. The cost of getting a home or property appraised in Pennsylvania is typically between $300 to $400 for an average single-family home.
What Happens After Getting Your Property Appraised?
As mentioned in “Step 4”, the appraisal report is submitted for mortgage underwriting in Maryland, which is the next step after getting your property appraised. This makes sense because the appraisal report is one of the main documents that the underwriter/s must review to determine if the buyer or borrower can proceed with closing the deal.
Sometimes, the buyer may receive conditional approval from the underwriter/s. Conditional approval means that there are some criteria that need to be met or items that require resolving or explaining before the buyer’s loan is approved.
Conditional approvals are not the norm, and many buyers go through to closing without any added conditions.
Finally, the buyer signs the paperwork, pays the closing costs, other dues, and takes possession of their new home or property.
Our Final Thoughts
Whether you are a homebuyer in Maryland, seller, or homeowner seeking refinancing, getting your property appraised in South-Central Pennsylvania can be a stressful experience, especially if it is your first time. However, it is a routine process and typically comes through without any conditions.
Of course, you can always work around or contest a low appraisal if you think it is unjustified. However, we recommend tidying up the property or preparing an appraiser package in advance to improve the chances for a better property appraisal.
If you want to learn more about what to expect when getting your property appraised in West Virginia, the steps of a home/ property appraisal, or what happens after it, please contact Appalachian Appraisal today.
