Florida Home Appraisals: What Buyers Need to Know
Florida Home Appraisals: What Buyers Need to Know
When you buy a home with a mortgage in Florida, your lender will require an appraisal.
Here’s what to expect and how it affects your deal.
What Is a Home Appraisal?
An independent, third-party valuation of the property you’re buying.
The goal: ensure the lender isn’t loaning more than the home is worth.
Who Orders It?
- Your lender hires a licensed appraiser
- You pay for it (usually $450-$750 in Florida)
- You don’t get to pick the appraiser
What Does the Appraiser Look At?
- Home size, layout, condition
- Lot size and location
- Recent comparable sales (“comps”)
- Upgrades and renovations
They may spend 15–60 minutes on-site, but research continues offsite.
What If It Comes in Low?
If appraisal < purchase price:
- Renegotiate the price
- Cover the gap out of pocket
- Challenge the appraisal (with your agent’s help)
- Cancel if you have an appraisal contingency
How It Affects Your Loan
Your loan is based on the appraised value, not the contract price.
If you’re putting 20% down on $400K, but it appraises at $380K, your loan adjusts to $304K (80% of $380K).
FHA/VA Loan Appraisals
- Stricter condition requirements
- Appraiser may flag repairs
- Appraised value sticks with the home for months
Ask your agent if you’re using FHA or VA financing.
Final Thought
An appraisal isn’t a formality—it’s a key step in the Florida buying process.
📞 Call Michael Renick at 941.400.8735 to navigate the appraisal and keep your deal on track.
What Happens if the Appraisal Comes in Low?
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- 📞 Call Mike: 941.400.8735
- 📍 Explore our blog series: Questions Buyers Are Asking
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