Carolina Life Properties LLC
As a homebuyer or home seller, it’s essential to be knowledgeable of the appraisal processes, as it’s one of the final steps during the closing of a home. By understanding the factors affecting how long an appraisal may take, proactive steps can be taken to make sure this process goes according to plan.
Home appraisals are done by lenders to see if your home is worth the loan amount you’re requesting to complete the homebuying process. Typically, the appraisal process can take around 1 to 2 weeks but when the market is busy, an appraisal can take upwards of about a month.
When a home doesn’t meet certain standards, and the appraised value comes in lower than the asking price, issues can arise. When this happens, a lender may require repairs to be made on the property and then for an additional appraisal report to be submitted.
In addition, if the market in the area you wish to purchase a property in is busy, the home appraisal process may take longer if there is a lack of appraisers available.
If the appraised value comes in lower than the asking price, either the difference needs to be met, or an additional appraisal needs to be done for the mortgage loan to be approved.
However, once the appraisal is approved, the mortgage lender then starts the underwriting process, in which a mortgage underwriter ensures needed documents and conditions are placed before issuing the loan.
During this process, they examine the borrower's credit, debt-to-loan ratio and other relevant factors to make sure the borrower is fit for a mortgage loan.
A home appraisal is a vital step of the home buying journey, so it pays off to work closely with a lender to explore your options to solidify a smooth appraisal process.
Because it matters where you live.
At Carolina Life Properties, we are invested in finding your best-fit home, or a great buyer for your beloved home, because we recognize how important home is.
We value each person’s life and story, which is why every client gets our concerted effort and undivided attention. We take time to get to know you on a personal level, really understanding your hopes and needs so we can serve you well.
Today more than ever, your home is the center of your world, where you live out your life each day. Many people’s homes have also become their workplaces, schools, and places to share meals with friends. We understand the importance of a home that meets all your needs.
We work hard to do whatever it takes to make your real estate process as smooth and enjoyable as possible. No task is too small to ensure your needs are met.
We are energized by coming alongside you as you navigate these big decisions. You are trusting us with a big part of your life -- your home -- and we take that very seriously. It’s a privilege to partner with you.
