The Appraisal Process Passaic NJ

Lenders use your appraisal to determine your loan amount.

Local Companies

HOMETECH NJ INSPECTION SERVICES LLC
201 340 2104
49 Hedden ter 2 fl
North Arlington, NJ
Homes By Flat Fee MLS
973-809-4362
6 Pompton Avenue
Cedar Grove, NJ
Savva Realty
973-239-1126
6 Pompton Ave
Cedar Grove, NJ
Parkhurst, Madison Apartments, Slatepost Village
(610) 882-2300
80 Pompton Avenue
Verona, NJ
RE/MAX ADVANTAGE PLUS
(201) 417-6334
570 Cedar Lane
Teaneck, NJ
Almeida Real Estate Associates Inc
(973) 482-8686
475 Bloomfield Ave
Newark, NJ
Broker Real Estate Corp
(973) 481-4410
219 N 12th St
Newark, NJ
ARMAS REALTY
201-861-7140
400 60TH STREET
WES NEW YORK, NJ
Liberty Realty/Team Taylor Inc
201-984-3724
3444 Kennedy Blvd
Jersey City, NJ
Cooper Real Estate Manage
(973) 624-3300
55 Halsey St
Newark, NJ

 

provided by: 

An appraisal is a written estimate of a property’s market value completed by an appraiser. The value is based upon a market analysis of the prices of recent sales of similar properties in the area and the property’s physical condition. Usually, this requires an interior and exterior property inspection.

 

Why is an Appraisal Necessary?

Lenders use your appraisal to determine your loan amount. Your appraisal will be completed shortly after you request your mortgage.

 

Appraisals and Sales Prices

  • If the appraised value is higher than the sales price, there is no impact to you.
  • When the property appraises for a lower value than the sales price, the lower appraised value is used to determine your loan amount. To complete the sale, you may have to increase the down payment to make up the difference between the appraised value and the purchase price.

Published on January 11, 2007

Read full article at realestate.com

Featured Local Company

HOMETECH NJ INSPECTION SERVICES LLC

201 340 2104
49 Hedden ter 2 fl
North Arlington, NJ

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