When you make an offer on your DTLA condo or loft, your lender will most likely require an appraisal. As a buyer, these are the three things you need to know:
- You don’t get to choose the appraiser.
- You do have to pay for the appraisal.
- Your lender has to give you a copy of the appraisal.
Related: What is an appraisal in real estate?
3 Things Buyers Need to Know About Real Estate Appraisals
Because your lender will probably require an appraisal, it’s important that you know as much as possible about them.
#1. You don’t get to choose the appraiser.
Your lender will choose the appraiser who goes to see the home you want to buy. Usually, lenders have a long list of appraisers they trust to provide accurate estimates.
#2. You do have to pay for the appraisal.
Even though you can’t shop around for an appraiser with a reasonable rate, you’ll be required to pay for it. Usually, the appraisal takes a few hours and costs between $300 and $500. Typically, you’ll pay for the appraiser’s fee at closing.
#3. Your lender has to give you a copy of the appraisal.
The Consumer Financial Protection Bureau requires lenders to give buyers a copy of home appraisals at least three days before closing. That means you’re entitled to enough time to review it – and you’ll be able to look through the information the lender is using to determine your mortgage amount.
Are You Buying a Loft or Condo for Sale in DTLA?
Call us at 213-254-7626 or get in touch with us online to start exploring your options when you want to buy a loft or condo in downtown Los Angeles.
While you’re here, check out our:
- DTLA Arts District lofts for sale
- Historic Core lofts for sale
- DTLA Little Tokyo lofts for sale
- Bunker Hill lofts for sale
- City West lofts for sale
- South Park lofts for sale
- Fashion District lofts for sale
- Financial District lofts for sale