A Home Appraisal Checklist

A Home Appraisal Checklist

A home appraisal is an independent assessment of a property’s fair market value, required by your lender to ensure the home is worth the loan amount. Here’s what to expect.

What the Appraiser Evaluates

Property condition: Structural integrity, roof age, HVAC systems, plumbing, and electrical. Major deficiencies can affect value or require repairs.

Interior features: Square footage, room count, layout, finishes, and overall quality of construction and maintenance.

Exterior and lot: Curb appeal, landscaping, lot size, driveway, and any outbuildings or improvements like pools or fences.

Comparable sales: The appraiser researches recent sales of similar homes in the neighborhood to establish fair market value.

If You’re the Buyer

The appraisal protects you from overpaying. If the home appraises at or above the purchase price, you’re in great shape. If it comes in low, your lender won’t approve the full loan amount, and you’ll need to negotiate with the seller, cover the gap, or reconsider.

If You’re the Seller

Clean and declutter before the appraiser visits. Ensure all systems are working. Provide a list of recent improvements with costs. Address any obvious maintenance issues.

Timeline

Appraisals typically take 1-2 weeks from order to completion. Your QuickFund Mortgage loan officer will keep you informed throughout the process and help navigate any issues that arise.