How Does A Home Appraisal Work?

Mortgage , ,
Whether you're a buyer or a seller, a home appraisal is a critical component of the home selling process. An appraisal is also required in situations where a home is gifted to a family member, so it's important to have a clear understanding of what it entails.  What Is A Home Appraisal? A home appraisal is an unbiased estimate of a home's fair market value conducted by a professional appraiser. All 50 states require that appraisers be licensed and/or certified and demonstrate knowledge of the specified area. The purpose of a home appraisal is to determine whether the home's asking…
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The Department Of Veterans Affairs Is Allowing Drive-by Appraisals Because Of COVID-19

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The COVID-19 (Coronavirus) pandemic has impacted every industry across the country. Many people are being asked to shelter in place and everyone has been asked to practice social distancing to try to curtail the spread of this deadly virus. The Federal Housing Finance Agency (FHFA) has asked both Freddie Mac and Fannie Mae to make some changes in the manner they conduct property appraisals and employment verification. Shortly after the move by the FHFA, The Veteran's Administration (VA) and Federal Housing Administration (FHA) followed suit by relaxing property appraisal requirements. Due to the unusual circumstances that are facing the country…
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