An appraisal determines the market value of a home. In order to obtain this value, a certified and licensed appraiser will visit the home to take many measurements, photos etc. and view firsthand the various features of the property, as well as explore recent sales of comparable homes. The comparable homes that have recently sold form your basis for the property’s market value and will make sure the home is worth the price being paid. Your Pinnacle Agent can recommend appraisal companies to utilize. If financing your purchase an appraisal is required. For cash transactions, it will be up to the discretion of the buyer. Your Pinnacle Agent will provide a comparable market analysis as well and provide you with an opinion of value. The cost of an appraisal is generally $350-450 and will vary depending on property type.
*Pinnacle Hint* Getting a professional opinion can be worth its weight in gold! Even if you are paying cash an appraisal will give you the value a bank would be willing to lend if you decide to finance the property after closing.