You picked the perfect house and are just counting down the days until you get the keys, and your lender mentions you need an appraisal. Appraisals typically cost around $400 and anytime you are getting a mortgage to buy a home, your lender will require that you get the house appraised.
An appraisal is the bank's way of making sure that they can get their money back if you don’t pay your bills. Your lender will send out a licensed appraiser to let them know the value of the subject property, using other recent sales in that same area as a benchmark. For more information on appraisals or recommendations for appraisers in the Charleston area, please feel free to reach out to me.
Written by: Robert Judy