If you’re buying a home or land for sale in North Florida, you’ll most likely need to have an appraisal – but what is an appraisal, and why do you need one?
What is an Appraisal?
An appraisal is an estimate of the fair market value of what property is worth. Your lender will order an appraisal during the loan process to ensure that it’s giving you the appropriate amount of money for the property.
Why You Need an Appraisal
Your lender requires an appraisal because it wants to ensure that the money you’re requesting to borrow is appropriate. The lender doesn’t want to give you more money than the house is worth because inevitably, it will lose money.
Who Appraises the Property?
Your lender will appoint a trained professional. You don’t get to choose the appraiser, but you do have to pay for the service.
What Do Appraisers Look For?
Appraisers look at the condition of the property and the things that are permanently attached to it. They’re also looking at things like age, number of rooms, lot size, location and square footage.
Are You Buying a Home in Lake City?
If you’re moving to Lake City, we can help you find the perfect place to live. Call us at 386-243-0124 to tell us what you want from your home and we will begin searching right away.
In the meantime, check out the most popular Lake City home searches by exploring the links below.
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- Bank-owned homes and foreclosure in Columbia County
- Short sales in Columbia County
- Paved road frontage for sale in Columbia County
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- Land-for-land home combo in Lake City
