Order The Appraisal Before The Survey

Ordering an appraisal before a survey is a smart practice in real estate transactions, ensuring a clear understanding of a property’s value early on. Here are key reasons for this sequence.

1. Purpose and Emphasis:
   • Appraisal: Determines the property’s market value, critical for securing mortgages, tax assessments, and sales. Essential factors such as location, condition, and market trends are evaluated to estimate its worth.
   • Survey: Provides a comprehensive property map, outlining boundaries and legal facets, aiding compliance and offering a clear property layout.
2. Cost-Efficiency:
   • Appraisals are cost-effective and swift compared to surveys. Opting for an appraisal upfront allows for a cost-effective initial house assessment before committing to a detailed survey.
3. Lender Requirements:
   • Lenders insist on appraisals to ascertain loan amounts, ensuring the home’s value aligns with the loan requisites.
4. Negotiation and Informed Choices:
   • Appraisals furnish crucial insights into market value, empowering negotiation and impacting sale prices or financing choices.
5. Risk Evaluation:
   • Preliminary appraised values aid in evaluating risks, potentially preventing unnecessary expenses on detailed surveys for undervalued properties.
6. Compliance and Legal Considerations:
   • Addressing legalities like boundaries and encroachments, surveys complement appraisals. Appraisals take precedence to initially determine property value.

Ordering the appraisal before the survey speeds up the process, saves money and meets lender requirements. To make informed decisions when getting a mortgage approval before buying a house, it’s a good idea to access your credit and debt profile. Click HERE to see if you qualify for a free review of your debt-to-income (DTI) ratio.