The person that you will probably never see as an Oregon First time Home Buyer but still plays an integral part in home purchase process is the Appraiser. It is possible that the mortgage advisor and/or the Real Estate Broker may also not see the appraiser as they do their job.

The appraiser will conduct an analysis of the property to determine the current market value. The bank will always require an appraisal of the property and in most cases will also require a second opinion of the value, either through a review of the appraisal or though one of the automated systems available.

To determine value of the property, the appraiser will check out the sales prices of similar properties sold in the neighborhood and compare them with the property being purchased. This can be a very tricky process, especially when there are few properties being sold in a particular neighborhood or town. These comparisons are referred to as comps.

Now, since two homes are rarely identical, the appraiser has the job of comparing apples to apples, sometimes red delicious to yellow delicious or sometimes Fuji to winesap. When done, the estimate of value is given. If that value is below the purchase price, then negotiation may take place. If it is above the purchase price, we are ready to go forward.

If you have any questions about the process, let me know. The time limit on the
First Time Home Buyer tax credit is running out, so call me today at 541-342-7576/541-221-3455 Cell or e-mail me to set up an appointment. Come back tomorrow for Part 7, the Movers.

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