Appraisals

How do you make sure you are not overpaying for a home? If you are a Buyer who will
need a mortgage, your lender will require an appraisal of the property.

An appraisal is an unbiased professional opinion of the value of a home. In
Alaska, certified residential appraisers have more than 200 hours of
qualifying education and at least 2500 hours of experience.

A qualified appraiser creates a report according to specific criteria required
by financing. This report is based on a visual inspection, recent sales of
similar properties (comps), current market trends, and aspects of the home
(e.g., amenities, floor plan, square footage, condition) to determine the
property’s appraisal value.

If the appraisal is less than the agreed sales price, there may be an
opportunity to renegotiate. If it is more, then the sale continues at the agreed
contract price.

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