What is an appraisal?

What is an appraisal? findwell agent, Lauren GeRoy, answers in this installment of Ask an Agent.

Q: What is an appraisal?

The appraisal will come after you have gotten through your inspection contingency. It’s ordered by the lender and the point of an appraisal is not to come up with a purchase price for the property but is to confirm that you’re paying an accurate value for the home. The appraiser’s job isn’t to come up with their own price for the house but rather to find sales in the area that confirm the price that you’re paying.

Q: Who pays for an appraisal?

The appraisal is paid for by the buyer and is typically part of your closing costs. General price point is $450-$500 and it is usually paid at closing.