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Buying a Home in San Diego: What You Should Know About Home Appraisals
Dated: May 16 2022
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A home appraisal is a crucial aspect of the homebuying process. So much so that appraisal issues account for 18% of closing delays in home sale transactions. As such, it's vital to understand the ins and outs of home appraisals when buying a home in San Diego. Read on and learn more!
What's a home appraisal?
A home appraisal is an objective, unbiased evaluation of the value of a home by a professional. It determines a home's value, and this helps lenders ensure they're not lending you more than the property is worth.
How does a home appraisal work?
Typically, home appraisals are conducted through in-person visits to the property being appraised. But today, thanks to COVID-19 advisories and restrictions, virtual appraisals are also acceptable. Apart from relying on the physical assessment, an appraiser will also compare home sales in San Diego to make an accurate valuation of your property.
How much does a home appraisal cost?
A professional home appraisal for an average single-family home will cost between $300 and $490 in San Diego. But for larger homes, it might cost you between $500 and $800 or even more. The costs are not fixed (are negotiable), are usually paid by the homebuyer, and are considered part of the closing costs.
How does an appraisal affect a home purchase?
Typically, lenders will request an appraisal to protect their money. They want to be sure that the home can be resold for at least what they've loaned you if you were to default. As such, lenders will lend you the money if the appraisal report is at or higher than the home's purchasing price. However, if the appraisal is lower, you may need to negotiate with the seller for a lower price or top up the difference yourself (between what the lender's willing to lend and the purchasing price).
Know everything about home appraisals and buying a home in San Diego!
An appraisal is a significant part of the homebuying journey, both for you and your lender. Get in touch with our professional team today for more information about what you should know about appraisals when buying a home in San Diego!
Robert Weichelt
Robert Weichelt ~ HUSBAND, FATHER, REALTOR Since 1986, Robert has served in virtually every capacity of the Real Estate industry - as a Title Account Executive, Mortgage Banker, and Real Estate Broke....
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