Florida Real Estate Appraisals: What Buyers Should Know
Florida Real Estate Appraisals: What Buyers Should Know
You found a home you love, made an offer, and got it accepted. Now it’s time for one of the most critical steps in your Florida home purchase: the appraisal.
Here’s what buyers need to know.
What Is a Real Estate Appraisal?
An appraisal is an independent evaluation of a property’s market value, usually required by your lender to ensure the home is worth the loan amount.
In Florida, a licensed appraiser reviews:
- Recent comparable sales (“comps”)
- Location and neighborhood conditions
- Square footage and layout
- Upgrades, age, and condition of the home
Why It Matters for Buyers
If the appraisal comes in at or above the contract price, you’re good to go.
But if it comes in below the agreed price, lenders may refuse to fund the full amount.
That leaves you with choices:
- Pay the difference in cash
- Renegotiate the price
- Cancel the deal (if you have an appraisal contingency)
What Affects a Florida Appraisal?
Appraisals in Florida can be influenced by:
- Waterfront vs. inland property values
- Condo vs. single-family rules
- Seasonal market shifts
- Storm damage or deferred maintenance
Ask your agent to prep a comp package to support value if needed.
Can You Appeal a Low Appraisal?
Yes, but it’s not easy.
You’ll need to:
- Provide better comps that were missed
- Identify factual errors in the report
- Have your agent contact the lender’s appraisal desk
Ultimately, only the lender can request a reconsideration.
How to Prepare as a Buyer
- Don’t waive your appraisal contingency unless advised
- Be realistic about value (especially in bidding wars)
- Budget some cushion if the market is hot
Final Thought
Appraisals can be stressful, but they protect you from overpaying.
📞 Call Michael Renick at 941.400.8735 to help you navigate Florida appraisals with confidence and strategy.
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