A Seller's Guide To Success

Home Appraisal

A home appraisal is usually a required part of the home buying process. Whether this is your first real estate transaction or you just need a refresher, here is an inside look into the home appraisal process. 
 
What Is A Home Appraisal?
A home appraisal is a process where an objective expert thoroughly assesses a home that is up for sale. The two goals are to check the quality of the home and assess its value.

Home appraisals are done by an objective and impartial professional. Most commonly, a lender will oversee this process and use a third-party appraisal management company.

Home Appraisal Impact.

For Buyers.  A home appraisal ensures that you’re paying what a home is really worth.  

For Sellers.  A home appraisal may change what you can sell your home for or spark a renegotiation of terms.  

Home appraisals are important and it takes a few steps to get through one. 

  1. Lender orders appraisal 
  2. Licensed appraiser is hired
  3. Borrower pays for appraisal (typically included in closing)
  4. Home value is determined
  5. Home value report is issued. 
How To Prepare Your Home For Appraisal

Tips For Home Appraisals
 
  • UNDERSTAND WHAT FEATURES CAN CHANGE THE HOME VALUE
    For instance, a home appraiser will take square footage, utilities, renovations and
    even the age of home into account before making their declaration.
  • KNOW THE VALUE OF SIMILAR HOMES
    This should come into play whether you are listing or looking. Comps factor into
    a home appraisal.
  • IT WILL TAKE AT LEAST A WEEK
    The availability of people, permits and more could impact the turnaround time
    for a home appraisal.
  • KNOW YOUR OPTIONS
    Home appraisals may come in higher or lower than listing price. You should
    discuss your options with a real estate attorney or a realtor to know what your negotiation and
    price difference options are.
  • ORDERING INDEPENDENT APPRAISALS
    Not happy with the results? Question the outcome of an appraisal? Buyers or
    sellers can ask for a reevaluation of an appraisal or order an independent
    appraisal.
 

Time to Close!

At this point in the home selling process, you should have a title company you are working with.  It is best to engage early on with a title company as they can help you navigate through the closing process so you know what to expect.  In addition, a title company can verify pay-off and run net calculations to help you understand all the numbers before you accept an offer.  Once the offer is accepted, they will work with you all the way to closing day.  

Tip: When there’s a closing price, get help from your real estate attorney. They’ll help you go over the contracts, title transfer, mortgage documents, and other required paperwork. 

Selling property as a homeowner is demanding, but ultimately quite rewarding. With realistic expectations, the right mindset, and a good strategy on how to sell and negotiate, you can save thousands of dollars from relying on a real estate agent to sell your home.  When everything is signed and settled, you’ve completed an FSBO, which is something to be proud of! 

If you want to learn more about the tips and tools that can help you sell an FSBO, reach out to us today.  We have a dedicated team that wants to ensure your success!

Share this:

Like this:

Compare listings

Compare