Home Appraisal Process
Once you have completed the Home Inspection and feel confident to proceed, either you or your Realtor® can request that we order the appraisal report. Metropolitan Mortgage will order your home appraisal and charge the credit card provided at this time.
What is a Home Appraisal?
An appraisal provides you and Metropolitan Mortgage the fair market value of the home. The appraiser will schedule an appointment with the Listing Realtor® to inspect the home. The appraiser will obtain information on similar homes in the area that have sold within the last six to twelve months to determine the market value.
Some of the things that are considered in the appraisal include:
- Sales price of other homes in the area
- Square footage of the home
- Number of bedrooms and bathrooms
- Overall condition of the home
- Quality of landscaping
- Amenities like swimming pools
- Unique features of the home
- Size and condition of the land the home is on
- Visual inspections of the foundation, plumbing and electrical systems
- Finishing details such as hardwood floors or updated lighting
- Quality of the basement and attic
- Surrounding neighborhood and area
The appraisal primarily documents obvious visual conditions, along with a cost and size comparison to other homes. You should receive your appraisal report by email, within 5 to 10 business days.
Have Questions? Contact Us online or call 913.642.8300.