Blog Layout

Buying a New Home: What to Expect During the Appraisal Process

Louisiana REALTORS® • October 23, 2024

The home-buying process is full of other processes. From the pre-qualification process to the home shopping process to the inspection process to the closing process, and many more in between, it’s a lot to keep track of. With the help of a knowledgeable, professional REALTOR®, you can successfully navigate each and every one of these processes, ending up in a home that is perfect for you. However, it is still helpful to know what to expect. One of the most important and least familiar processes is the appraisal. Here is what you can expect during the appraisal.


The appraisal is the official determination of a home’s value. Based on the condition, square footage, location, and other factors like the current real estate market in an area, an unbiased, trained appraiser will provide a value of the property. 


It’s important to know that the appraiser works for the lender. It is in their best interest to have the most accurate estimation of the home’s monetary value to ensure that the mortgage makes sense. With this in mind, the appraiser will look closely at areas like the home’s foundation, roof, plumbing, appliances, electrical system, and more. Once the evaluation is complete, the appraiser will return the full report to your lender; by law, they are then required to provide you with a copy.


While the appraiser is there on the lender’s behalf, they also serve an important role in protecting you as the buyer. If the appraisal comes back with a value lower than the asking price it can prevent you from making a bad deal. 


Having the expertise of REALTOR® on your side can help tremendously, not only during the appraisal process but throughout the entire homebuying experience.

CONSUMER RESOURCES

Consumer Guide Update: Preparing for Homeownership

By Louisiana REALTORS® • February 19, 2025
As previewed last week, NAR is pleased to share the latest consumer guide focused on preparing for homeownership. This guide covers what prospective buyers should consider as they kick off the home purchase process, including the importance of credit scores, mortgage pre-approval, down payments, budgeting, and educational resources. As a reminder, all guides in this series are available for download—in both English and Spanish—on facts.realtor . Please allow a few days for the Spanish version of the latest resource to be translated and uploaded. For ease of reference, below is a list of the most recent guides: NEW: Preparing for Homeownership Escrow and Earnest Money Pricing Your Home Preparing to Sell Your Home Fire Damage and Policy Coverage Thank you for your continued engagement with the “Consumer Guide” series and for sharing the resources with potential clients to ensure they have the information they need to be successful in their homebuying or selling journey. Remember that these guides are for informational purposes only and are not meant to enact or change any existing NAR policy. Be on the lookout for next week’s guide on Wednesday, which will cover property taxes.

Consumer Guide Update: Escrow and Earnest Money

By Louisiana REALTORS® • February 14, 2025
As previewed last week, NAR is pleased to share the latest consumer guide focused on escrow. This guide covers what homebuyers should know about earnest money deposits, including the general terms and use cases in real estate transactions. As a reminder, all guides in this series are available for download—in both English and Spanish—on facts.realtor . Please allow a few days for the Spanish version of the latest resource to be translated and uploaded. For ease of reference, below is a list of the most recent guides: NEW: Escrow and Earnest Money Pricing Your Home Preparing to Sell Your Home Fire Damage and Policy Coverage Flood Insurance Thank you for your continued engagement with the “Consumer Guide” series and for sharing the resources with prospective clients to ensure they have the information they need to find success in their homebuying or selling journey. Remember that these guides are for informational purposes only and are not meant to enact or change any existing NAR policy. Be on the lookout for next week’s guide on Wednesday, which will cover preparing prospective buyers for homeownership.

2026 LR Officer Elections, RVPs & NAR Director Applications

By Louisiana REALTORS® • February 12, 2025
The Louisiana REALTORS® Board of Directors will conduct several elections this Spring. Interested candidates that meet the qualification who are looking to serve at either the state association level or the national association level are encouraged to view the criteria and submit an application. An application that is not submitted on the appropriate form or not submitted pursuant to the instructions shall not be considered as submitted timely.
Show More
Share by: