One of the many steps to buying a home is the mortgage valuation survey. This kind of mortgage survey is how a lender determines if the property being purchased is worth the amount of the loan. It’s relatively brief compared to other kinds of residential property surveys, but it is a vital part of the home buying process. Ferguson & Foss Professional Land Surveyors specializes in mortgage surveys in the Johnstown, NY, area. They use careful precision to produce accurate results that benefit both the lender and the buyer.

Here are three things they look for:

• Overall Condition: One of the main ways to ensure that the lender does not lose money is to consider the overall condition of the property. The surveying service will look at how old the house is and whether it has been properly maintained and updated. The condition of the foundation, roof, electrical wiring, and plumbing will be a few of the main concerns.
• Accuracy of the Details: After taking an overall evaluation of the condition, the professional surveyor will determine the accuracy of the listing details. They’ll check the number of bedrooms, the bathrooms, and the total square-footage. It’s a red flag if any of these numbers are off, but it’s not an automatic deal breaker. They will then determine how the differences affect property value.
• Value of Similar Homes: As an extra precaution, mortgage surveys often include an analysis of how the property’s listing amount compares to the property value of similar homes. The survey will take into account the location and updates to determine whether the price is fair according to the cost of recently sold properties.

Mortgage surveys are paid for by the borrower to protect themselves and the lender from a bad investment. To learn more, visit Ferguson & Foss Professional Land Surveyors online. You can also call (518) 762-9997 to schedule a mortgage survey.