Are you curious how home appraisals work in Maryland?
Home appraisals in Maryland are an important part of the home selling and home buying process. How will a home appraisal work with your personal deal?
About Home Appraisals in Maryland
One professionals opinion of your homes value
Everyone wants the best deal for a property they're buying or selling. Real estate agents use their best judgment when determining a listing price, or helping you evaluate and prepare a competitive offer to buy a home.
Since every home is different, an appraisal can help your determine a stringer opinion of the value of a home your buying or selling.
Maryland has strict qualifications in order to obtain a real estate appraiser's license. if you're getting a mortgage loan, you do not choose the appraiser, your mortgage lender does.
You can learn more about Maryland's requirements on the Department of Labor, Licensing and Regulations website here.
About Home Appraisal Contingencies in Maryland
Appraisals without a Mortgage Loan
If you have the ability to buy a home or condo without a mortgage loan, you could make an offer to buy it for a price as long as the appraised home value is equal or greater than your purchase price.
If the appraised value is less than your purchase price, you could ask the seller to lower the price, or you may have the ability to cancel your offer.
Appraisals with a Mortgage Loan
If you're buying a home or condo with a mortgage loan, you're loan qualifications will rely on the home appraising for the purchase price or more.
If you're buying a home and it doesn't appraisal for the agreed to purchase price, you could ask the seller to lower the purchase price, or you may have the ability to cancel your offer.
No matter if you have the ability to buy with or without a mortgage, an appraisal have true advantages to help you by a home at a fair price.
More Home Buying Resources
My client commitment
Taking what I've learned from the mortgage and housing industry and the US housing collapse, I strategically assist my clients throughout the home buying process.
I'm committed to being different by being an educator, and not a salesman. You should always be informed and comfortable when buying a home and selling your home
- Michael Nolen, Realtor®
Let's discuss the home appraisal process in Maryland
Request your free home buyer consultation!
Home appraisals are just one step in the home buying process. Together, we'll discuss how we'll make your home buying process to your personal home buying goals.
