Appraisal & Inspection
What is an appraisal?
An appraisal is an unbiased professional assessment that determines the property value based on different factors. A homes condition, location, and the value of similar homes in the area that have ...
Why do I need an appraisal?
An appraisal is important for us to determine the value of the home. Lending a greater amount on a home, than it is worth, can result in a loss if a mortgage is defaulted on.
Who is responsible for setting up the appraisal?
Semper Home Loans is responsible for setting up the appraisal on the home you are purchasing or refinancing. Typically, the homebuyer pays for the appraisal, but you may choose to pay up front or i...
When do I get an appraisal?
An appraisal usually takes place after an offer has been accepted and the home inspection is complete.
Should I be present during the appraisal?
Typically, the buyer is not present for the appraisal. The appraiser will not disclose any information or answer any questions, so it doesn’t provide you any benefit to attend. If you are refinanci...
Can I choose my own appraiser?
Unfortunately, no. Hiring an appraiser with a vested interest in you, or the lender, would be a conflict of interest. If you are associated with the appraiser that Semper Home Loans selects, we wou...
Will I get a copy of the appraisal?
Yes. After the appraisal is complete, Semper Home Loans will receive the appraisal report and provide you with a copy.
Is the appraisal process different for the purchase vs. refinancing
You may be required to obtain an appraisal when refinancing, although certain situations may allow you to refinance without an appraisal. As the owner of the home, when you refinance, you may be pr...
How does the appraisal affect my loan?
Lenders give loans based on the appraisal estimate of the fair market value of the home. The loan amount is based on the loan-to-value (LTV) which compares the ratio of the loan to the value of the...
If my appraisal comes in high, do I have to pay higher taxes?
No, you won’t. Appraisals are different than property assessments which are done by the County Assessor. Taxes are based on the County Assessor’s determination and they do not see the appraisal tha...
If my appraisal comes in low, what happens?
If the appraisal comes in low, you still have options. Your relator can help negotiate with the seller to come to a mutually beneficial solution to keep the sale on track.
What if my home doesn’t pass the minimum property requirements for the appraisal?
For programs such as FHA and VA, if the home does not pass the minimum property requirements for the appraisal then the property will need to be repaired before you can continue financing. If the n...
What is an appraisal waiver?
An appraisal waiver allows homebuyers the option to decline having the property appraised. However, not all homes will be eligible for an appraisal waiver. You can discuss your eligibility for an a...
What is a home inspection?
A home inspection is a thorough examination of the condition of a property to identify potential issues. The inspector examines the plumbing, electrical, roof, foundation and other features to crea...
Why do I need an inspection?
An inspection report tells you a lot about the home you are looking to purchase. If you bypass the inspection, you may have less information than you need to decide. You could overlook issues that ...
Who sets up the inspection?
You are responsible for setting up the home inspection. Your realtor may have recommendations, of both positive and negative experiences they’ve had with inspectors, so feel free to ask them for su...
When do I get an inspection?
You should schedule an inspection as soon as possible after the home is under contract but before closing. This will give you time to negotiate the terms of the sale based on the inspection results.
Should I be present at the inspection?
It is in your best interest to attend the inspection along with your realtor. You can ask the home inspector about specific aspects of the home you may have questions about. Based off the home insp...
What types of inspection should I have conducted on the home?
Depending on the age and condition of the home you are purchasing, and the loan type you are applying for, additional inspections may be necessary. A general home inspection may lead the inspecto...
How long do appraisals and inspections take?
You should see your appraisal report within two days to a week after the appraisal is ordered. An inspection report should take approximately 24-48 hours after the inspection is completed.
Who pays for the appraisal and home inspection?
Typically, you will be responsible for paying for the appraisal and home inspection. An appraisal cost between $300-$450 but varies depending on home type, condition, location and loan type. A home...