Buying a Home Step 18 and 19: The Appraisal Process
/The home appraisal process in Washington State involves a licensed appraiser evaluating the property's value based on various factors, such as location, size, condition, and comparable sales in the area. Once the appraisal is completed, the lender uses the value to determine the loan amount.
If the home does not appraise at the purchase price, there are several options available, including:
Renegotiate the purchase price with the seller based on the appraisal value.
Request a second appraisal from a different appraiser.
Pay the difference between the purchase price and the appraised value out of pocket.
Cancel the transaction if the above options do not work out.
It's important to remember that the home appraisal process is designed to protect both the buyer and the lender from overpaying for a property. By understanding the process and the options available, buyers can make informed decisions when purchasing a home in Washington State.
Are you ready to begin the home-buying process? Whether your timeline is 3 weeks, 3 months, or 3 years, our team is here to help you every step of the way! Get started now by filling out our Ready To Buy Survey, and our team will reach out to schedule a call to discuss how we can support you on this path.
Terra Wright Knudsen- Bainbridge Island Realtor
