{"id":24006,"date":"2025-02-24T02:00:11","date_gmt":"2025-02-24T10:00:11","guid":{"rendered":"https:\/\/www.homelight.com\/blog\/?p=24006"},"modified":"2025-02-27T00:31:08","modified_gmt":"2025-02-27T08:31:08","slug":"buyer-who-pays-for-the-appraisal","status":"publish","type":"post","link":"https:\/\/www.homelight.com\/blog\/buyer-who-pays-for-the-appraisal\/","title":{"rendered":"Who Pays for the Appraisal and Why This Key Homebuying Step Is Worth Every Penny"},"content":{"rendered":"

You\u2019ve just made an offer on a house that checks off everything on your list: location, number of bedrooms, that je ne sais quoi<\/em>. To your delight, the seller accepted your offer.<\/p>\n

Now, it\u2019s all about preparing for your closing<\/a>. If you\u2019re taking out a mortgage<\/a>, your lender will arrange something called a home appraisal. But who pays for the appraisal? Why is it considered a key part of the homebuying process<\/a>? And what happens if your contract falls through?<\/p>\n

To find out, we talked to experts like Barrett Spray<\/a>, a real estate agent based in central Florida with 33 years of experience helping clients navigate the homebuying process, chatted with two appraisers about the ins and outs of home appraisals, and tapped into HomeLight\u2019s extensive homebuying resource<\/a> database.<\/p>\n

Let\u2019s get you some answers. This guide will help you understand who pays for the home appraisal and why it\u2019s important.<\/p>\n

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Find proven real estate agents that know your local area, and how to help you prepare for a successful home appraisal. Top-performing agents sell homes faster and for more money.<\/p>\n \n

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What is a home appraisal?<\/h2>\n

According to the National Association of Realtors\u00ae, only 29% of residential sales<\/a> are cash sales, so it\u2019s likely that you\u2019re taking out a mortgage to finance your home purchase. That means that between the time your offer<\/a> is accepted and the day you close on your home, you and your lender will be in frequent contact as they review your finances and prepare your loan.<\/p>\n

One piece of information your lender will look at closely is the home appraisal<\/a>. This is a professional assessment of a property\u2019s value, based on a thorough review of the house and property by an independent appraiser.<\/p>\n

The Appraisal Institute<\/a>, a global professional association of real estate appraisers, calls an appraisal a written report that consists of a description of the property and its locale, an analysis of the \u201chighest and best use\u201d (or the most profitable use) of the property, an analysis of sales of comparable properties \u201cas near the subject property as possible,\u201d and information regarding current real estate activity and\/or market trends in the area.<\/p>\n

Why is the appraisal so important to your lender? Simply put, they want to make sure your new home is worth the loan they\u2019re providing. This due diligence protects the lender in case you default and they need to recover their costs. Importantly, it also protects you by validating that you\u2019re not overpaying.<\/p>\n

\u201cWhat it really is supposed to do is give [the buyer\u2019s] bank a feeling that the asset that they\u2019re purchasing is worth the amount that they\u2019re purchasing it for,\u201d says Spray. \u201cThat is what it\u2019s supposed to do for the buyer as well.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Who pays for the home appraisal? As the buyer, you will. This important homebuying step provides a professional, unbiased assessment of your home\u2019s value.<\/p>\n","protected":false},"author":240,"featured_media":54722,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"cybocfi_hide_featured_image":"","footnotes":""},"categories":[192,704,646],"tags":[],"class_list":["post-24006","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-for-buyers","category-buyer-appraisal","category-making-offers"],"acf":[],"yoast_head":"\nWho pays for the home appraisal, and why is it important?<\/title>\n<meta name=\"description\" content=\"Who pays for the home appraisal? As the buyer, you will. 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This important homebuying step provides a professional, unbiased assessment of your home\u2019s value.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.homelight.com\/blog\/buyer-who-pays-for-the-appraisal\/\" \/>\n<meta property=\"og:site_name\" content=\"HomeLight Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/gohomelight\/\" \/>\n<meta property=\"article:published_time\" content=\"2025-02-24T10:00:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-27T08:31:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/hl-blog.homelight.com\/wp-content\/uploads\/2021\/05\/who-pays-for-the-appraisal-1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"563\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Kaitlynn Copinger\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@gohomelight\" \/>\n<meta name=\"twitter:site\" content=\"@gohomelight\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Kaitlynn Copinger\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"11 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Who pays for the home appraisal, and why is it important?","description":"Who pays for the home appraisal? 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