Florida Home Appraisals: What Buyers Need to Know
Florida Home Appraisals: What Buyers Need to Know
When you buy a home with financing in Florida, an appraisal is one of the biggest steps between contract and closing.
Here’s what you need to know as a buyer.
What Is a Home Appraisal?
A home appraisal is an unbiased opinion of a property’s market value, conducted by a licensed professional.
It’s required by your lender to ensure the property is worth the purchase price.
What Does the Appraiser Look At?
Appraisers evaluate:
- Comparable recent sales in the area
- Home size, layout, and condition
- Lot size and location
- Updates, finishes, and features
- Curb appeal and exterior integrity
They don’t check appliances or plumbing—this isn’t a home inspection.
How Long Does It Take?
In Florida, the appraisal usually happens within:
- 7–10 days after contract execution
- Lender orders the appraisal
- Appraiser visits, then submits a written report within a few days
What Happens If the Appraisal Comes In Low?
This is where buyers need protection. If the appraisal is lower than your offer:
Options include:
- Renegotiating the price with the seller
- Bringing extra cash to cover the difference
- Cancelling the deal (if your contract has an appraisal contingency)
The right strategy depends on market conditions and your financing.
Who Pays for the Appraisal?
Buyers typically pay the appraisal fee, which is:
- $450 to $650 in most Florida markets
- Paid upfront or rolled into closing costs
What If It Appraises Above the Price?
Congratulations! You’re gaining instant equity.
This can also strengthen your position with lenders.
How to Prepare for a Smooth Appraisal
- Choose a lender that uses local appraisers
- Ensure your agent meets the appraiser with comparables
- Communicate if the home had multiple offers
Final Thought
The appraisal isn’t just a checkbox. It’s a critical safeguard for your loan and investment.
📞 Call Michael Renick at 941.400.8735 to understand your appraisal options and stay in control of your Florida purchase.
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