Time for an Appraisal?
It’s
important that your real estate agent develop a comparable market
analysis to help in determining the right selling price for your
home. If your property isn’t attracting serious shoppers, you may
want to invest in an appraiser for a second pricing opinion. They
perform their service for a fee rather than a commission—a better
chance for a more unbiased result.
It
provides sellers and buyers with a “fair market value” and also
allows a lender to know how much they can safely lend. It will
provide a comparison of your house to comparable properties in
the neighborhood. A home appraisal can range in length from two
pages to more than 100 and can include:
·
Details about the
house.
·
Description of the
neighborhood.
·
Side-by-side
comparisons.
·
Evaluation of the
area’s real estate market.
·
Notations of major
problems with the property that will affect its value.
·
Estimate of the
expected time to sell the property.
Here
are some tips for both sellers and buyers seeking to ensure their
transactions are completed in a timely manner:
·
Make sure the
lender hires a qualified appraiser (such as a designated SRA,
SRPA or MAI member of the Appraisal Institute). The lowest-priced
appraiser does not necessarily equate with the most qualified.
·
Accompany the
appraiser during the inspection of the property, if possible. The
more active you are, the more you will understand it and be able
to catch any errors.
·
Request a copy of
the appraisal report from the lender. Federal law requires that
you receive a copy of the appraisal within 30 days.
·
Appeal the
appraisal, if appropriate. Market conditions do change,
especially in these economic times. If you feel that new
information may affect the appraisal, be sure to speak up.
·
Have your agent ask
the lender to order a second appraisal by a qualified and
designated appraiser.
·
File any legitimate
complaints with appropriate state board or professional appraisal
organizations.
Remember,
you needn’t agree with the outcome of an appraisal. You and your
agent can work with the figures and determine if you should
change the sale price. A home appraisal—no matter how
scientific—is still an opinion that can be questioned.
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