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Avatar for Akrivis Real Estate Valuations
Akrivis Real Estate Valuations
4.3(
67
)
Appraisal - Real Estate

Serving Alpine, UT and surrounding areas

Approved (Corporate)

In business since 2018

Credit card accepted

Offers commercial services

"Because I was dealing with anxiety on whether to sell or whether to rent, etc., and I guess, anxiety in general, I really lucked out with the people who contacted me from Akrivis. They, especially David, and most especially Scott ,were just plain excellent."
Restaurant
Response time5 hrs
Response rate89%
1294 neighbors recently requested a quote
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Real Estate Agents questions, answered by experts

A home inspection and a home appraisal serve different purposes. A home inspection is a visual evaluation of the property's overall condition to identify any structural problems or issues with major systems like electrical and plumbing. Its main goal is to assess the home's long-term safety and determine if repairs are needed before a sale. In contrast, a home appraisal is a thorough evaluation of the property and its surrounding area to determine its current fair market value. This value helps set the asking price and guides the mortgage company’s lending decision. The average cost for both a home inspection and a home appraisal is around $350 each.

Appraisals are not mandatory but are helpful for pricing accuracy and negotiation purposes.

If a home's appraised value comes in lower than the offer price, it can create complications with financing. Lenders typically won't issue a loan for more than the property's market value, as this can push the loan-to-value (LTV) ratio too high and may prevent the loan from being approved. Your options depend on whether your purchase agreement includes an appraisal contingency. If there is no contingency, both parties may be locked into the deal, meaning the buyer pays more than the appraised value. If a contingency exists, the buyer can usually renegotiate the price or withdraw from the deal. If a buyer still wishes to proceed, they can try to negotiate a lower price, increase their down payment to cover the difference, or get a second appraisal.

Ideally, you’d never pay more than the appraised value for a home, but there are some instances where it makes sense to do so. For example, if your current living arrangements are no longer viable and you need a place to move into quickly, paying more than the appraised value might be in your best interest to secure a new home. Additionally, if you’re buying in a hot market, overpaying for the home might be necessary to overcome the competition.

Yes, a tile roof will increase the value of your home more than an asphalt shingle roof. Not only do tile roofs look nicer and add more to your curb appeal, but buyers will understand that roof tiles last longer than most other materials, so they can expect minimal maintenance and a long roof lifespan after closing, which often means they’ll be willing to pay more for a home with this roof option.

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