What are appraisals and surveys?
An appraisal is the estimate of the value of the home you are purchasing and is provided by a professional appraiser, trained in estimating the value of real or personal property. Mt. Vernon Mortgage orders the appraisal within 72 hours of your loan application unless you request otherwise. A copy of the appraisal will be provided to you at closing. Surveys determine whether there has been an encroachment on the property lines, building lines or easements. If your home is new construction, the builder may order the survey just after completion or just before closing.
Related Questions
- With regard to rental surveys in appraisals, please confirm what is exactly needed and the timeframes for which it needs to be completed. How often does the rent survey need to be updated?
- Where do you find scopes of work for appraisals, title, metes and bounds surveys, and relocations?
- Why complete employee performance appraisals and client satisfaction surveys?
