To do so, they can round up the comps for the appraiser and indicate why your home is of equal or higher value to them. In this instance, your agent will need to justify why the high sale price is a fair market value. Now, say you’re selling in a competitive market where prices are on the rise and your home sells for well above the listing price. The appraiser is just reassuring the bank that’s financing the mortgage that yes, they’re paying $250,000 and yes, it’s worth $250,000.’” “Your agent did a good job of coming up with market value when you listed it. So as long as your home sells for close to listing price, there shouldn’t be any surprises when the appraiser comes around. If you partnered with a top agent, they would have considered comps when setting your home’s listing price. Comparable properties, called “comps,” are homes recently sold in your area with similar characteristics to yours in terms of square footage, number of bedrooms and bathrooms, amenities, and overall condition. When an appraiser calculates your home’s market value, it all comes down to how your home stacks up against comparable properties. Partner with a real estate agent who knows how to round up comps We spoke with several appraisers and a top real estate agent to bring you the thirteen best home appraisal tips for sellers.Ģ. While most of the appraisal process is out of your hands, there are tangible steps you can take as a seller to ensure a fast and accurate appraisal. The appraiser aims to fairly and impartially determine your home’s value. All we do is collect data, put it together in a report, and give it back to you.” All an appraiser is, is a glorified reporter. Still, Lonnie Heward, a certified appraiser in the Phoenix metro area with over 20 years of experience, emphasizes that an appraisal is nothing to worry about: “The process is a lot of common sense. And if you can’t reach an agreement, your buyer can walk away from the deal thanks to their appraisal contingency. So if the appraisal comes in lower than the sale price, your buyer will need to come up with the difference in cash or negotiate to lower the sale price. Lenders require the appraisal to ensure they’re not loaning the buyer more money than the value of the home. Whether you’re a first-time seller or a seasoned pro, the appraisal process used to determine your home’s fair market value can be a little intimidating.
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