What Is a Home Appraisal?

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Yale","sameAs":"https://www.businessinsider.com/author/aly-yale"}],"publisher":{"@context":"http://schema.org","@type":"Organization","name":"Business Insider","legalName":"Insider Inc.","foundingDate":"2007","url":"www.businessinsider.com","sameAs":["https://www.instagram.com/businessinsider","https://www.twitter.com/businessinsider","https://www.facebook.com/businessinsider","https://www.linkedin.com/company/businessinsider","https://www.youtube.com/@BusinessInsider"],"founder":{"@type":"Person","name":"Henry Blodget"},"logo":{"@type":"ImageObject","url":"https://www.businessinsider.com/public/assets/logos/structured-data.png"}},"headline":"What Is a Home Appraisal?","alternativeHeadline":"Understanding Home Appraisals in the Real Estate Process","image":{"@type":"ImageObject","url":"https://i.insider.com/6148e197de0e7b00194b739e?width=1200&format=jpeg","width":1200,"height":900,"caption":"A home appraisal is different from a home inspection."},"name":"Understanding Home Appraisals in the Real Estate Process","datePublished":"2024-07-22T21:54:08Z","dateModified":"2024-07-22T21:54:08Z","description":"Learn the essentials of a home appraisal, including the process involved and its critical role in real estate transactions.","keywords":"","articleBody":"Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate mortgages to write unbiased product reviews.When you apply for a mortgage to buy a home, your mortgage lender will require the home to undergo an appraisal. This helps the lender determine how much the home is worth and how much they can potentially loan you for it.Ultimately, appraisals protect both you and the lender's investment by ensuring that you aren't overpaying for the property. A home appraisal is an objective assessment of a property's value on the local market. It is completed by a licensed appraiser.Appraisers assess the value of a property using the size and condition of the property, various features of the home and the neighborhood it's in, and how it compares to similar homes recently sold in the area.The importance of home appraisals can't be stressed enough. They can factor into a home's price, your out-of-pocket costs, your mortgage approval, and even whether the deal goes through altogether. Your lender does not perform the appraisal — a licensed professional independent of the lender does. The lender will usually schedule the appraisal, though.See below to learn more about the appraisal process for assessing home value.There are several ways to conduct a home appraisal. Some may use data only (tax records, floor plans, etc.), while others may involve a simple drive-by of the house. In many cases, though, the appraiser will:It usually takes around a week from the time the lender schedules the appraisal to the time the appraiser finishes their walk-through. Once they do the walk-through, it may take another week or so to get the full report back.Appraisals are almost always required if you're using a mortgage to purchase a home. They're typically required for refinancing as well, though there are a few situations where you might not need one (such as if you're doing a streamline refinance on a government-backed mortgage).Here's why you can expect to need an appraisal.The biggest reason for appraisals is that it protects both you and the lender. For you, it ensures you're not overpaying for a house — or paying more than you stand to get back later on.For lenders, it protects against default. If you fail to make your mortgage payments later, the lender would need to foreclose on and sell the home to cover its remaining expenses. Because of this, the lender wants to make sure the home would produce enough profits to cover these costs.Lenders use appraisals to determine the fair market value of a house and, ultimately, how much they're willing to lend a borrower for it. The lender will only loan you up to that appraised value, so if you've offered more than that, you'll need to figure out a new path forward. Some buyers opt to pay the difference out of pocket, while others choose to renegotiate. Depending on your contract, you may be able to back out of the transaction as well.There are three main components of a home appraisal. This is when the appraiser physically walks the property. They may evaluate the exterior of the home and, sometimes, request access to the interior, too. This allows them to better assess the condition of the property and features throughout the home. During this step, the appraiser will use recent home sale data to gauge a home's potential market value. They'll look at similar properties — one of the same size, age, and condition — and factor in their sale price when appraising the property in question.Finally, appraisers will also take into account market conditions. If the market has recently turned into a seller's market, for example, the home may be worth slightly more than it would have been a few months ago. The opposite goes for a buyer's market — when there are more homes for sale than potential buyers.Home appraisals have many uses, but they're typically best used by the following three parties. Mortgage lenders will always require an appraisal before they'll agree to loan money for a property. They want to be sure the home is worth what you're borrowing for it and that selling the home will cover any unpaid loan balance should you default on your loan.An appraisal can also give you a good idea of what your home should fetch on the local market. This can help you set an appropriate price tag or prepare for negotiations if you're looking to sell your house.Appraisals can also help in the risk assessment process. For example, if a home is worth $350,000, and you're asking to borrow $349,000, that's not much cushion — and makes the loan a riskier bet. If the home is worth $350,000 and you're only borrowing $250,000, though, there's much less risk in the loan. The lender may even reward you with a lower interest rate because of it. (This is why down payment size matters so much in mortgage lending!)A home's appraisal can impact many parts of a real estate transaction. It can also play into your costs after closing, once you're in the home.Here's how you can expect appraisals to factor into your home purchase.A lender wants the home to have an appraisal so the company can decide whether to officially approve you for a mortgage — and for how much.The appraised value can also factor into the risk you present as a borrower and, subsequently, the interest rate and mortgage terms you're offered. Both of these can play a big role in the long-term costs of your mortgage.The appraisal can also factor into negotiations. If a home's appraised value comes in lower than what you've offered, it can give you leverage to renegotiate with the seller and potentially reduce the selling price. Keep in mind, though: Not all sellers will be amenable to this. If they think they can get the original offer price elsewhere, they may opt to relist their property and find another buyer.Property taxes are based on the appraised value of a property. The exact amount you pay will depend on the tax rates in your area, but generally speaking, the higher the appraised value, the larger your annual tax bill will be.As noted earlier, there are times when a home's appraised value doesn't match what you've offered for it. When this happens, you have some options.First, you can renegotiate with the seller. Ask them to accept a lower price point and move ahead with the sale as planned. You can also make up the difference out of pocket. So if the home appraised for $300,000, but you offered $320,000, you could pay that missing $20,000 out of savings — rather than relying on your mortgage lender for it. This would allow you to move forward with the transaction. You can back out of the deal altogether, too. If you have an appraisal contingency in your contract, you can do this without forfeiting your earnest money. If you don't, though, the seller gets to keep that cash. They could also have grounds for legal action in some circumstances.One other option is to challenge the appraisal and get a new one. You'll only be able to do this if you have good evidence that it wasn't completed correctly. Get a copy of the appraisal report and look for errors, such as incorrect square footage. Be sure to check the comps as well. If the appraiser didn't use comps that have similar features and are geographically close to the subject property (and better comps are available), you may have a case for getting a new appraisal.The on-site inspection typically takes a few hours, but the entire home appraisal process, including repairing the report, can take a week or two.Buyers are usually not present during a home appraisal, but the seller or the real estate agent might be there to provide access or answer any questions.Poor property conditions, outdated features, and unfavorable market trends can lower the appraised value of a home. A lack of maintenance can also reduce a home's value.Preparing for a property appraisal is critical. Ensure the property is clean, complete minor repairs, and have a list of recent home improvements and upgrades ready for the appraiser. You should also make sure the appraiser has access to all parts of the home, including the basement, attic, and crawl spaces.The impact of a low home appraisal can be big. If an appraisal comes in lower than expected, you can renegotiate the sale price, make up the difference in cash, or withdraw from the deal.A home appraisal is used to determine the value of a home. A home inspection is an assessment of the home's structure, systems, and other features. It's designed to give buyers details about the condition of a home and what repairs it may require.","articleSection":"Personal Finance, Loans, Mortgages","isAccessibleForFree":true,"hasPart":[{"@type":"WebPageElement","isAccessibleForFree":true,"cssSelector":".content-lock-content"}]} </script> <script type="application/ld+json"> {"@context":"https://schema.org","@type":"FAQPage","mainEntity":[{"@type":"Question","name":"How long does a home appraisal take?","acceptedAnswer":{"@type":"Answer","text":"<p class=\"faq-answer\">The on-site inspection typically takes a few hours, but the entire home appraisal process, including repairing the report, can take a week or two.</p>"}},{"@type":"Question","name":"Can I attend the appraisal of a home I'm buying?","acceptedAnswer":{"@type":"Answer","text":"<p class=\"faq-answer\">Buyers are usually not present during a home appraisal, but the seller or the real estate agent might be there to provide access or answer any questions.</p>"}},{"@type":"Question","name":"What factors can negatively affect a home appraisal?","acceptedAnswer":{"@type":"Answer","text":"<p class=\"faq-answer\">Poor property conditions, outdated features, and unfavorable market trends can lower the appraised value of a home. 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It often indicates a user profile.</desc> <path class="account-icon-path" fill-rule="evenodd" clip-rule="evenodd" d="M9 0C6.23858 0 4 2.23858 4 5C4 7.76142 6.23858 10 9 10C11.7614 10 14 7.76142 14 5C14 2.23858 11.7614 0 9 0ZM6 5C6 3.34315 7.34315 2 9 2C10.6569 2 12 3.34315 12 5C12 6.65685 10.6569 8 9 8C7.34315 8 6 6.65685 6 5Z" fill="#0a0a0a"/> <path class="account-icon-path" d="M5 12C3.67392 12 2.40215 12.5268 1.46447 13.4645C0.526784 14.4021 0 15.6739 0 17V19C0 19.5523 0.447715 20 1 20C1.55228 20 2 19.5523 2 19V17C2 16.2043 2.31607 15.4413 2.87868 14.8787C3.44129 14.3161 4.20435 14 5 14H13C13.7956 14 14.5587 14.3161 15.1213 14.8787C15.6839 15.4413 16 16.2044 16 17V19C16 19.5523 16.4477 20 17 20C17.5523 20 18 19.5523 18 19V17C18 15.6739 17.4732 14.4021 16.5355 13.4645C15.5979 12.5268 14.3261 12 13 12H5Z" fill="#0a0a0a"/> </svg> <span class="account-btn-label">Login</span> </div> </div> </div> </div></nav> </div> <section class="container mobile-padding"> <section class="row" role="main" > <section id="l-content" class="is-right-rail content-with-sticky-toc" data-track-page-area="Post" data-post-content > <section class="row"> <div class="col-12"> <article class=""> <section class="post-headline-wrapper " id="post-headline" > <div class="post-meta"> <span class="post-breadcrumbs headline-regular "> <a href="/personal-finance" class="" data-track-click="{"product_field":"Personal Finance","element_name":"breadcrumbs","event":"navigation"}" > Personal Finance </a> <svg class="svg-icon chevron-icon post-breadcrumbs-chevron rotate270" data-chevron-icon role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon" > <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#0a0a0a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"/> </svg> <a href="/personal-finance/mortgages" class="" data-track-click="{"product_field":"Mortgages","element_name":"breadcrumbs","event":"navigation"}" > Mortgages </a> </span> </div> <h1 class="post-headline ">Understanding Home Appraisals in the Real Estate Process</h1> </section> <section class="byline-wrapper byline-wrapper-helpfulness "> <div class="byline " data-e2e-name="byline" > <div class="byline-content" data-e2e-name="byline-content" > <div class="byline-row"> <div class="byline-author-container"> <div class="byline-author headline-regular"> <span class="headline-regular">Written by</span> <span class="" data-e2e-name="Molly Grace" > <a class="byline-link byline-author-name" data-e2e-name="byline-author-name" href="https://www.businessinsider.com/author/molly-grace" >Molly Grace</a></span> and <span class="" data-e2e-name="Aly J. Yale" > <a class="byline-link byline-author-name" data-e2e-name="byline-author-name" href="https://www.businessinsider.com/author/aly-yale" >Aly J. Yale</a><span class="headline-regular">;</span></span> <span class="headline-regular">edited by</span> <a class="byline-link byline-author-name" href="https://www.businessinsider.com/author/sarah-silbert" >Sarah Silbert</a> </div> <time class="byline-timestamp headline-regular js-date-format" data-timestamp="2024-07-22T21:54:08Z" data-e2e-name="byline-timestamp" data-disable-relative-formatting > 2024-07-22T21:54:08Z </time> </div> </div> </div> </div> <section class="sharebar " data-component-type="share" data-location=""> <div class="share-button-dropdown-wrapper"> <button class="share-button sharebar-link headline-regular"><svg class="svg-icon share-icon " role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" fill="none" viewBox="0 0 12 12"> <defs/> <title>Share icon</title> <desc>An curved arrow pointing right.</desc> <path fill-rule="evenodd" d="M7.336 8.014l4.2-3.5-4.2-3.5v2.8h-2.54c-1.948 0-3.526 1.567-3.526 3.5v3.16h1.469v-3.16a2.05 2.05 0 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home appraisal is different from a home inspection.</span> <span class="image-source-text"> <span class="image-source headline-regular" data-e2e-name="image-source" itemprop="creditText" > <a href="https://www.gettyimages.com/detail/photo/owning-your-own-house-is-a-good-feeling-royalty-free-image/1081824404" class="image-source-link not-content-link" rel="nofollow" > Mikolette </a> </span> </span> </figcaption> </span> </figure> <div class="typography sticky-toc-post-wrapper"> <nav class="sticky-toc js-sticky-toc-dropdown hide-menu headline-semibold helpfulness-mobile-toc" data-component-type="sticky-toc" > <div class="sticky-toc-title-wrapper helpfulness-mobile-toc" > <div class="helpfulness-mobile-toc-title"> <span class="helpfulness-mobile-toc-jump-to">JUMP TO</span> <span class="headline-regular helpfulness-mobile-toc-section">Section</span> </div> <div class="sticky-toc-dropdown-button js-sticky-toc-dropdown-button"> <span class="sticky-toc-arrow"><svg class="svg-icon chevron-icon 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<a href="#who-requires-a-home-appraisal?" class="sticky-toc-link toc-aside headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Who requires a home appraisal? </a> </li> <li> <a href="#impact-of-appraisals-on-real-estate-transactions" class="sticky-toc-link toc-aside headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Impact of appraisals on real estate transactions </a> </li> <li> <a href="#dealing-with-appraisal-discrepancies" class="sticky-toc-link toc-aside headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Dealing with appraisal discrepancies </a> </li> <li> <a href="#faqs" class="sticky-toc-link toc-aside headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > FAQs </a> </li> </ul> </div> <div> <section class="post-content typography with-sticky-toc-aside pfi-post" data-track-content="" data-post-type="post" > <div id="piano-inline-content-wrapper" data-piano-inline-content-wrapper data-user-status="anonymous" > <div data-component-type="content-lock" data-load-strategy="exclude"> <div class="content-lock-content"> <p class="headline-regular financial-disclaimer">Affiliate links for the products on this page are from partners that compensate us (see our <a href="https://www.businessinsider.com/personal-finance/our-partners" class="not-content-link" target="_blank" data-analytics-product-module="body_link" rel="">advertiser disclosure with our list of partners</a> for more details). However, our opinions are our own. See <a href="https://www.businessinsider.com/personal-finance/mortgages/how-we-evaluate-mortgage-lenders" class="not-content-link" target="_blank" data-analytics-product-module="body_link" rel="">how we rate mortgages</a> to write unbiased product reviews.</p><p></p> <div class="table-of-contents table-of-contents-sticky" data-analytics-module="jump-to" data-type="custom"></div><ul class="summary-list"> <li>A home appraisal is a report that states how much a home is worth according to a licensed professional</li> <li><strong>The appraiser considers the location, features, and size of the home, as well as recent sales data in the area</strong></li> <li><strong>A low appraisal might mean renegotiating your deal, paying more out of pocket, or backing out of the deal.</strong></li> </ul><p>When you apply for a mortgage to buy a home, your <a href="https://www.businessinsider.com/personal-finance/best-mortgage-lenders" data-analytics-product-module="body_link" rel="">mortgage lender</a> will require the home to undergo an appraisal. This helps the lender determine how much the home is worth and how much they can potentially loan you for it.</p><p>Ultimately, appraisals protect both you and the lender's investment by ensuring that you aren't overpaying for the property. </p><h2 data-toc-label="Defining a home appraisal" id="defining-a-home-appraisal" class="toc-anchor"><strong>Defining a home appraisal</strong></h2><p>A home appraisal is an objective assessment of a property's value on the local market. It is completed by a licensed appraiser.</p><p>Appraisers assess the value of a property using the size and condition of the property, various features of the home and the neighborhood it's in, and how it compares to similar homes recently sold in the area.</p><p>The importance of home appraisals can't be stressed enough. They can factor into a home's price, your out-of-pocket costs, your mortgage approval, and even whether the deal goes through altogether. </p><h2 data-toc-label="The appraisal process" id="the-appraisal-process" class="toc-anchor"><strong>The appraisal process</strong></h2><p>Your lender does not perform the appraisal — a licensed professional independent of the lender does. The lender will usually schedule the appraisal, though.</p><p>See below to learn more about the appraisal process for assessing home value.</p><h3><strong>Steps involved in conducting a home appraisal</strong></h3><p>There are several ways to conduct a home appraisal. Some may use data only (tax records, floor plans, etc.), while others may involve a simple drive-by of the house. In many cases, though, the appraiser will:</p><ul><li aria-level="1">Physically visit the home to walk around and throughout the property. An appraiser may spend up to a few hours in the home if they visit in person, and the larger the property, the longer an appraisal takes</li><li aria-level="1">Find other recent home sales that are similar to the property they're appraising. They'll use these similar sales, known as "comps," or comparable sales, to inform their opinion of the home's value. </li><li aria-level="1">Produce an appraisal report. This will give a final verdict as to how much the home is worth.</li></ul><p>It usually takes around a week from the time the lender schedules the appraisal to the time the appraiser finishes their walk-through. Once they do the walk-through, it may take another week or so to get the full report back.</p><h2 data-toc-label="Why are appraisals necessary?" id="why-are-appraisals-necessary?" class="toc-anchor"><strong>Why are appraisals necessary?</strong></h2><p>Appraisals are almost always required if you're using a mortgage to purchase a home. They're typically required for refinancing as well, though there are a few situations where you might not need one (such as if you're doing a <a href="https://www.businessinsider.com/personal-finance/streamline-refinance" data-analytics-product-module="body_link" rel="">streamline refinance</a> on a government-backed mortgage).</p><p>Here's why you can expect to need an appraisal.</p><h3>Protecting the financial interests of all parties</h3><p>The biggest reason for appraisals is that it protects both you and the lender. For you, it ensures you're not overpaying for a house — or paying more than you stand to get back later on.</p><p>For lenders, it protects against default. If you fail to make your mortgage payments later, the lender would need to foreclose on and sell the home to cover its remaining expenses. Because of this, the lender wants to make sure the home would produce enough profits to cover these costs.</p><h3>Ensuring fair market value is established</h3><p>Lenders use appraisals to determine the fair market value of a house and, ultimately, how much they're willing to lend a borrower for it. The lender will only loan you up to that appraised value, so if you've offered more than that, you'll need to figure out a new path forward. Some buyers opt to pay the difference out of pocket, while others choose to renegotiate. Depending on your contract, you may be able to back out of the transaction as well.</p><h2 data-toc-label="Components of a home appraisal" id="components-of-a-home-appraisal" class="toc-anchor">Components of a home appraisal</h2><p>There are three main components of a home appraisal. </p><h3>Physical inspection of the property</h3><p>This is when the appraiser physically walks the property. They may evaluate the exterior of the home and, sometimes, request access to the interior, too. This allows them to better assess the condition of the property and features throughout the home. </p><h3>Comparative market analysis</h3><p>During this step, the appraiser will use recent home sale data to gauge a home's potential market value. They'll look at similar properties — one of the same size, age, and condition — and factor in their sale price when appraising the property in question.</p><h3>Evaluation of current market trends</h3><p>Finally, appraisers will also take into account market conditions. If the market has recently turned into a seller's market, for example, the home may be worth slightly more than it would have been a few months ago. The opposite goes for a buyer's market — when there are more homes for sale than potential buyers.</p><h2 data-toc-label="Who requires a home appraisal?" id="who-requires-a-home-appraisal?" class="toc-anchor"><strong>Who requires a home appraisal?</strong></h2><p>Home appraisals have many uses, but they're typically best used by the following three parties. </p><h3>Buyers obtaining a mortgage</h3><p>Mortgage lenders will always require an appraisal before they'll agree to loan money for a property. They want to be sure the home is worth what you're borrowing for it and that selling the home will cover any unpaid loan balance should you default on your loan.</p><h3>Sellers setting a listing price</h3><p>An appraisal can also give you a good idea of what your home should fetch on the local market. This can help you set an appropriate price tag or prepare for negotiations if you're looking to sell your house.</p><h3>Lenders assessing loan risk</h3><p>Appraisals can also help in the risk assessment process. For example, if a home is worth $350,000, and you're asking to borrow $349,000, that's not much cushion — and makes the loan a riskier bet. If the home is worth $350,000 and you're only borrowing $250,000, though, there's much less risk in the loan. The lender may even reward you with a lower interest rate because of it. (This is why <a href="https://www.businessinsider.com/personal-finance/how-much-down-payment-for-a-house" data-analytics-product-module="body_link" rel="">down payment size</a> matters so much in mortgage lending!)</p><h2 data-toc-label="Impact of appraisals on real estate transactions" id="impact-of-appraisals-on-real-estate-transactions" class="toc-anchor">Impact of appraisals on real estate transactions</h2><p>A home's appraisal can impact many parts of a real estate transaction. It can also play into your costs after closing, once you're in the home.</p><p>Here's how you can expect appraisals to factor into your home purchase.</p><h3>Influencing loan approval and terms</h3><p>A lender wants the home to have an appraisal so the company can decide whether to officially <a href="https://www.businessinsider.com/personal-finance/qualifying-for-mortgage" data-analytics-product-module="body_link" rel="">approve you for a mortgage</a> — and for how much.</p><p>The appraised value can also factor into the risk you present as a borrower and, subsequently, the interest rate and mortgage terms you're offered. Both of these can play a big role in the long-term costs of your mortgage.</p><h3>Negotiating purchase prices</h3><p>The appraisal can also factor into negotiations. If a home's appraised value comes in lower than what you've offered, it can give you leverage to renegotiate with the seller and potentially reduce the selling price. </p><p>Keep in mind, though: Not all sellers will be amenable to this. If they think they can get the original offer price elsewhere, they may opt to relist their property and find another buyer.</p><h3>Property tax assessments</h3><p>Property taxes are based on the appraised value of a property. The exact amount you pay will depend on the tax rates in your area, but generally speaking, the higher the appraised value, the larger your annual tax bill will be.</p><h2 data-toc-label="Dealing with appraisal discrepancies" id="dealing-with-appraisal-discrepancies" class="toc-anchor">Dealing with appraisal discrepancies</h2><p>As noted earlier, there are times when a home's appraised value doesn't match what you've offered for it. When this happens, you have some options.</p><h3>Options for buyers and sellers if an appraisal comes in low</h3><p>First, you can renegotiate with the seller. Ask them to accept a lower price point and move ahead with the sale as planned. </p><p>You can also make up the difference out of pocket. So if the home appraised for $300,000, but you offered $320,000, you could pay that missing $20,000 out of savings — rather than relying on your mortgage lender for it. This would allow you to move forward with the transaction. </p><p>You can back out of the deal altogether, too. If you have an appraisal <a href="https://www.businessinsider.com/personal-finance/real-estate-contingencies" data-analytics-product-module="body_link" rel="">contingency</a> in your contract, you can do this without forfeiting your earnest money. If you don't, though, the seller gets to keep that cash. They could also have grounds for legal action in some circumstances.</p><p>One other option is to challenge the appraisal and get a new one. You'll only be able to do this if you have good evidence that it wasn't completed correctly. Get a copy of the appraisal report and look for errors, such as incorrect square footage. Be sure to check the comps as well. If the appraiser didn't use comps that have similar features and are geographically close to the subject property (and better comps are available), you may have a case for getting a new appraisal.</p><h2 data-toc-label="FAQs" id="faqs" class="toc-anchor">FAQs</h2> <div class="collapsable-faq collapsable-faq-dropdown" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> How long does a home appraisal take? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">The on-site inspection typically takes a few hours, but the entire home appraisal process, including repairing the report, can take a week or two.</p> </div> </div> </div> <div class="collapsable-faq collapsable-faq-dropdown" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> Can I attend the appraisal of a home I'm buying? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">Buyers are usually not present during a home appraisal, but the seller or the real estate agent might be there to provide access or answer any questions.</p> </div> </div> </div> <div class="collapsable-faq collapsable-faq-dropdown" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> What factors can negatively affect a home appraisal? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">Poor property conditions, outdated features, and unfavorable market trends can lower the appraised value of a home. A lack of maintenance can also reduce a home's value.</p> </div> </div> </div> <div class="collapsable-faq collapsable-faq-dropdown" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> How can I prepare my home for an appraisal? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">Preparing for a property appraisal is critical. Ensure the property is clean, complete minor repairs, and have a list of recent home improvements and upgrades ready for the appraiser. You should also make sure the appraiser has access to all parts of the home, including the basement, attic, and crawl spaces.</p> </div> </div> </div> <div class="collapsable-faq collapsable-faq-dropdown" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> What happens if the appraisal is lower than the offer? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">The impact of a low home appraisal can be big. If an appraisal comes in lower than expected, you can renegotiate the sale price, make up the difference in cash, or withdraw from the deal.</p> </div> </div> </div> <div class="collapsable-faq collapsable-faq-dropdown collapsable-faq-dropdown-last" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> What's the difference between a home appraisal vs. inspection? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">A home appraisal is used to determine the value of a home. A <a href="https://www.businessinsider.com/personal-finance/home-inspection" data-analytics-product-module="body_link" rel="">home inspection</a> is an assessment of the home's structure, systems, and other features. It's designed to give buyers details about the condition of a home and what repairs it may require.</p> </div> </div> </div><div class="ca-widget" data-token="x13d55880b64" data-s1="AMCID"></div> <div class="script" data-lazy-load="script" data-load-strategy="lazy" data-src="https://secure.money.com/embeds/embedder.js?v=1" data-async="true" data-defer="true"></div> <section class="post-authors" data-component-type="post-author"> <div class="post-author"> <a id="post-author_profile-link" href="https://www.businessinsider.com/author/molly-grace" target="_blank" data-analytics-product-module="author-bio" rel=""> <div class="author-profile-image-wrapper" data-slug="molly-grace"> <div class="lazy-holder author-profile-image"> <img class="lazy-image author-profile-image" src="data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 1 1'%3E%3C/svg%3E" data-src="https://i.insider.com/621fc89f75b649001845be8a?crop=1:1&width=256&format=jpeg&auto=webp" alt="Headshot of Molly Grace"> <noscript> <img src="https://i.insider.com/621fc89f75b649001845be8a?crop=1:1&width=256&format=jpeg&auto=webp" /> </noscript> </div> </div> </a> <div class="post-author_info"> <div class="post-author_top"> <a id="post-author_name-link" class="post-author_link not-content-link" href="https://www.businessinsider.com/author/molly-grace" target="_blank" data-analytics-product-module="author-bio" rel=""> <div class="post-author_name headline-semibold">Molly Grace</div> </a> <div class="post-author_title headline-regular">Mortgage Reporter</div> </div> <div class="post-author_bio headline-regular"> <input type="checkbox" id="expanded0"> <div class="post-author_bio_content"> <span>Molly Grace is a mortgage reporter for Business Insider with over six years of experience writing about mortgages and homeownership. </span><span><span class="headline-semibold">Experience</span></span><span>In addition to her daily mortgage rate coverage, Molly also writes mortgage lender reviews and educational articles on homebuying and analyzes data and economic trends to give readers actionable and up-to-date information about the housing market.</span><span>She also tracks affordable mortgage and down payment assistance programs offered throughout the country to keep her readers informed of homebuyer programs available to them. </span><span>Before Business Insider, Molly was a blog writer for Rocket Companies and helped to create Rocket Mortgage’s Shorty Award-winning podcast <em>Home. Made</em>.</span><span>Molly is passionate about covering personal finance topics with empathy. Her goal is to make homebuying knowledge more accessible, especially for groups that may think homeownership is out of reach. </span><span><span class="headline-semibold">Expertise</span></span><span>Molly is an expert in the following topics:</span><ul><li><span>Mortgages and mortgage lenders</span></li><li><span>Home equity</span></li><li><span>The housing market</span></li><li><span>The economy and the forces that impact mortgage rates</span></li><li><span>Budgeting and saving</span></li><li><span>Credit</span></li><li><span>Insurance</span></li><li><span>Retirement savings</span></li></ul><span><span class="headline-semibold">Education</span></span><span>Molly earned a bachelor's degree in journalism from Indiana University. </span><span>She is based in Michigan and has a dog and two cats. </span> </div> <label for="expanded0" role="button" class="post-author_bio_more">Read more</label> <label for="expanded0" role="button" class="post-author_bio_less">Read less</label> </div> </div> </div> <div class="post-author"> <a id="post-author_profile-link" href="https://www.businessinsider.com/author/aly-yale" target="_blank" data-analytics-product-module="author-bio" rel=""> <div class="author-profile-image-wrapper" data-slug="aly-yale"> <div class="lazy-holder author-profile-image"> <img class="lazy-image author-profile-image" src="data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 1 1'%3E%3C/svg%3E" data-src="https://i.insider.com/61096c6d372268001a596aec?crop=1:1&width=256&format=jpeg&auto=webp" alt="A headshot of writer Aly J Yale."> <noscript> <img src="https://i.insider.com/61096c6d372268001a596aec?crop=1:1&width=256&format=jpeg&auto=webp" /> </noscript> </div> </div> </a> <div class="post-author_info"> <div class="post-author_top"> <a id="post-author_name-link" class="post-author_link not-content-link" href="https://www.businessinsider.com/author/aly-yale" target="_blank" data-analytics-product-module="author-bio" rel=""> <div class="post-author_name headline-semibold">Aly J. Yale</div> </a> </div> <div class="post-author_bio headline-regular"> <input type="checkbox" id="expanded1"> <div class="post-author_bio_content"> <span>Aly J. Yale is a writer and editor with more than 10 years of experience covering personal finance topics including mortgages and real estate. She contributes to Personal Finance Insider’s mortgages and loans coverage.</span><span><span class="headline-semibold">Experience</span></span><span>Aly began her journalism career as reporter, and later an editor, for several neighborhood sections of the Dallas Morning News.</span><span>Her work has been published in several national publications, including Bankrate, CBS, Forbes, Fortune, Money, Newsweek, US News and World Report,  the Wall Street Journal, and Yahoo Finance. She’s also contributed to a variety of mortgage and real-estate publications, such as The Balance, Builder Magazine, Housingwire, MReport, and The Mortgage Reports. </span><span>Her favorite personal finance tip is to schedule regular check-ins to make sure your credit cards, savings accounts, and other financial vehicles still align with your budget and financial goals. She is a member of the National Association of Real Estate Editors (NAREE).</span><span><span class="headline-semibold">Expertise</span></span><span>Aly’s areas of personal finance expertise include:</span><ul><li><span>Mortgages</span></li><li><span>Loans</span></li><li><span>Real estate</span></li><li><span>Insurance</span></li><li><span></span></li></ul><span><span class="headline-semibold">Education</span></span><span>Aly is a graduate of Texas Christian University, where she received a bachelor’s degree in radio/TV/film and news-editorial journalism.</span> </div> <label for="expanded1" role="button" class="post-author_bio_more">Read more</label> <label for="expanded1" role="button" class="post-author_bio_less">Read less</label> </div> </div> </div> </section> <div class="featured-products sticky-featured-product"> <span class="headline-semibold featured-products-heading">Top Offers From Our Partners</span> <div class="featured-product"> <a href="https://offers.moneylion.com/channelTrackingOfferRedirect/ef7e9365-d513-464f-b2f2-5b4ee58fb7d8/7730fd4f-e907-4d31-b88e-89806ac20f06" target="_blank" data-analytics-product-area="image" data-analytics-product-module="featured_product" data-analytics-product-index="1" data-analytics-product-brand="Right Rail - Do Not Use in Content" data-analytics-product-name="LendingClub LevelUp Savings Account" data-analytics-product-id="63cff3349bca6000112c3c92" class="featured-product-image not-content-link" rel="nofollow noindex"> <div class="lazy-holder lazy-holder " style="padding-top: calc(100% * 95 / 149)"> <img class="lazy-image " src="data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 1 1'%3E%3C/svg%3E" data-content-type="image/png" data-srcs="{"https://i.insider.com/60a53ef9e25d05001880c7d2":{"contentType":"image/png","aspectRatioW":1200,"aspectRatioH":320}}" alt="LendingClub Logo"> <noscript> <img 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xmlns="http://www.w3.org/2000/svg" viewBox="0 0 60 60"> <title></title> <desc>A tooltip</desc> <path d="M30.6 36.6l.1-1.2c.2-2.3 1.3-3.3 3.4-5.2 2.5-2.3 5.7-4.5 5.7-8.6 0-5-4.3-7.7-9.2-7.7-3.8 0-6.8 1.5-10 4.4l2.2 2.5c3.1-2.5 5-3.5 7.7-3.5 3.2 0 5.4 1.7 5.4 4.4s-2.2 4.2-4.4 6.1c-3.4 2.9-4 4.1-4 7.3v1.5h3.1zm.7 8.4v-4.6h-4.4V45h4.4z"></path> <path d="M30 0c16.6 0 30 13.4 30 30S46.6 60 30 60 0 46.6 0 30 13.4 0 30 0zm0 3C15.1 3 3 15.1 3 30s12.1 27 27 27 27-12.1 27-27S44.9 3 30 3z"></path> </svg> <div class="rich-tooltip-wrapper headline-regular"> <div class="rich-tooltip-message headline-regular">Earn 5.00% APY when you deposit at least $250 per month, earn 4.00% standard APY if minimum isn't met.</div> </div> </div> <style>.rich-tooltip-wrapper { display: none; }</style> </span> </div> <div class="featured-product-cta"> <a href="https://offers.moneylion.com/channelTrackingOfferRedirect/ef7e9365-d513-464f-b2f2-5b4ee58fb7d8/7730fd4f-e907-4d31-b88e-89806ac20f06" target="_blank" class="featured-product-link not-content-link" data-analytics-product-area="button" data-analytics-product-module="featured_product" data-analytics-product-index="1" data-analytics-product-brand="Right Rail - Do Not Use in Content" data-analytics-product-name="LendingClub LevelUp Savings Account" data-analytics-product-id="63cff3349bca6000112c3c92" rel="nofollow noindex"> Start Saving </a> </div> </div> </div> </div> </div> </div> <section class="category-tagline body-italic"> <div> <p class="body-italic"><p style="font-size:14px;"><em>Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. <a href="https://www.businessinsider.com/personal-finance/personal-finance-editorial-standards">Read our editorial standards</a>.</em></p><p style="font-size:14px;"><em>Please note: While the offers mentioned above are accurate at the time of publication, 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