More to know

Home appraisals, usually a quiet portion of a real estate transaction, are getting more attention lately because of the hot real estate market. There are buyers paying over the asking price — and more than the appraisal — which means the buyer has to pay the difference in cash at the closing table between what the bank says the house is worth and what the buyer is paying.

Don’t confuse appraisal with assessment. While the sale price of your house will influence the value your local tax assessor puts on your property — a figure then used to calculate your tax bill — an appraisal is for private mortgage purposes and is not the same as an assessment.

It’s not unusual for two similar houses in the same neighborhood to appraise for a few thousand dollars difference — even as much as $10,000. If the difference on nearly identical houses is $50,000 or more, start asking questions.

The borrower (buyer or homeowner who is refinancing) pays for an appraisal. The cost is $375 to $450 for a single-family home.