Getting a good appraisal in Bellingham on your property is an essential key to a successful purchase.
An appraisal will help determine the property's "market value" which will be close to the sales price of the home if offered on the open market, which is quite competitive in Bellingham.
Your loan officer will require an appraisal to make sure that the property will sell for "at least" the amount of money the company is lending.
Keep in mind, you will probably pay for the appraisal when you apply for the home loan.
The appraisal will give a detailed report including:
1- Details of the property and other properties similar to compare with.
2- An overall evaluation will be given you of the market in the area.
3- Comments concerning any issues that may effect the value of the property such as "leaky roof" or parking issues.
4- Point out any serious defects on the property, such as unstable foundation or serious mold issues.
5- They will also give you an average sales time that the property may sell.
Don't panic if the appraisal comes in low or uncovers problems, there are always things you can do to work it out if it's not too serious.
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