Understanding the Appraisal Process for First-Time Homebuyers in Jacksonville

In today’s housing market, it’s imperative that first-time homebuyers in Jacksonville are privy to the true value of the home they’re looking to purchase. Hiring an appraiser can greatly reduce the risk of overpaying and can ensure that the price of the home reflects its true value. For over 40 years, Moody Williams Appraisal Group has been providing fair and comprehensive appraisals for commercial and residential properties in Jacksonville, Florida. In this blog we’re going to help you understand the appraisal process for first-time homebuyers in Jacksonville and how Moody Williams Appraisal Group can be of help!

Why is a Home Appraisal important?

In-depth home appraisals are important for both first-time homebuyers in Jacksonville and lenders alike. No first-time homebuyer (or any homebuyer) wants to overpay for a home. An accurate home appraisal from Moody Williams Appraisal Group can ensure the price the buyer is paying is fair and true. Likewise, home appraisals also help lenders determine if the loan amount is appropriate.

What is the Home Appraisal process?

Moody Williams’ home appraisal process is broken out into three parts: ordering the appraisal, the appraiser visits, and the appraisal report. Once a buyer’s offer has been accepted by the seller, the buyer’s lender will order a home appraisal through Moody Williams Appraisal Group.

A licensed appraiser from Moody Williams will visit the property and conduct an extremely thorough inspection, both internal and external. The appraiser will look at the size and layout of the Jacksonville home, including the square footage, and the number of bedrooms and bathrooms. Of course, the overall condition of the Florida home is taken into account, including any repairs or upgrades that are needed. The location of the home is important as well, the appraiser will check the proximity to schools, parks, etc. Lastly, your Moody Williams appraiser will dig into comparable sales in the area of similar homes to make a fair assessment and provide a comprehensive home appraisal for first-time homebuyers in Jacksonville.

Once the appraisal visit is complete, your Moody Williams appraiser will compile all they need to compose an accurate home appraisal report. The home appraisal report will include a detailed property description, a market analysis against similar properties in the area, and finally, the estimated market value of the Jacksonville home.

What’s next?

The loan process will continue as planned if the appraisal report matches or even exceeds the home offer price. In the case the appraisal is lower than the offer price, first-time homebuyers need to either renegotiate the purchase price or increase the down payment. Jacksonville homebuyers may want to explore other financing options if need be.

Remember, appraisals are a normal part of the homebuying process and the intent is for fair equity on all sides. Homebuyers are encouraged to consider the appraisal contingency in the case that the appraisal comes in low, as this can allow you to back out of the deal. Moody Williams Appraisal Group is here to provide comprehensive, fair, and in-depth residential and commercial home appraisals to the city of Jacksonville, Florida. Our goal is to guide our clients and help them navigate to the Northeast Florida home of their dreams. Are you a first-time home buyer looking to get your Jacksonville property appraised? Contact Moody Williams Appraisal Group at 904-516-8900 to get started today.