What types of things will a lender look for when they review the appraisal?
In addition to verifying that your home’s value supports your loan request, lenders also verify that your home is as marketable as others in the area. They willl review the features of your home and compare them to the features of other homes in the neighborhood. For example, if your home is on a 20-acre lot or has a large accessory building, lenders will want to make sure that there are other homes in the area on similar size lots or with similar outbuildings. Finding comparable properties can be more challenging in rural areas where it is more difficult to find homes that have similar features. Lenders will also make sure that the value of your home is in the same range as other homes in the area. If the value of your home is substantially more than other homes in the neighborhood, it could affect the market acceptance of the home if you decide to sell. Finally they will review market statistics about your neighborhood, such as the typical length of time homes are offered for sale be
Related Questions
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- What types of things will a lender look for when they review the appraisal?
