Is it necessary for a buyer to run the cost of house appraisal?


House appraisal is an opinion of value of a professional appraiser who will issue a report based on the size and condition of the house, its proximity to services, improvements made by the owner, comparing all this data to recent sales. The cost of house appraisal is usually covered by the buyer, as the mortgage agency will require it and they cannot lock on a loan without appraisal.

The several hundred dollar cost of house appraisal versus the possibility of getting an over-priced house - well, it seems a good bargain. A professional appraisal will tell you the worth of the house and may save you thousands. As a buyer, you don't want to pay too much or get into more mortgage debt you may need.

Although the cost of a house appraisal is one additional cost that has to be covered by the buyer, along with many others, it will be well spent money. This small investment will prevent you from paying well over the market value in case the current owner has decided to overprice.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
Was this Mortgage QnA helpful?
Not at all
  • Currently 3/5 Stars
  • 1
  • 2
  • 3
  • 4
  • 5
Add to this Answer

Mortgage QnA is not a common forum. We have special rules:

  • Post no questions here. To ask a question, click the Ask a Question link
  • We will not publish answers that include any form of advertising
  • Add your answer only if it will contrubute to the quality of this Mortgage QnA and help future readers
If you have trouble reading the code, click on the code itself to generate a new random code. Verification Code Above:
Bookmark and share this QnA: