While home appraisals are typically required for mortgage approval, homeowners need appraisals in several other critical situations: challenging property tax assessments (potentially saving $500-$3,000 annually), settling estates, dividing assets in divorce, removing PMI early (saving $50-$200 monthly), refinancing for better rates, and setting competitive listing prices when selling. Key Situations

Home appraisal values are determined by 15 key factors, with location, square footage, and recent comparable sales having the most significant impact. potentially affecting value by 10-25%. Other crucial factors include the number of bedrooms/bathrooms, structural condition, recent renovations, curb appeal, and current market conditions. Understanding these factors can help

Quick Answer: When a home appraisal comes in low, you have 6 main options: request a second appraisal, negotiate a lower price, pay the difference in cash, appeal the appraisal for errors, use your appraisal contingency to exit, or walk away from the deal. Success rates vary: price negotiations work

Quick Answer: Home appraisers evaluate both interior and exterior elements including square footage, room count, property condition, recent upgrades, and comparable sales. The inspection takes 30-60 minutes. Key areas inspected include foundation, roof, HVAC systems, plumbing, electrical, and overall maintenance. Appraisers also consider location factors like noise levels and neighborhood