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What Do I Need to Know About Appraisal
Dated: October 12 2020
"Before putting my home up for sale, what do I need to know about appraisals?"
It might be a bad idea to dig though the file cabinet for the appraisal report you paid for when you first bought your home.
Few spend time reviewing the paperwork at the time it was completed, when people are primarily interested in securing the home and buying the house. Few go back and review the paperwork unless there's significant issue that needed to be addressed. Doing so. however, can remind homeowners of the flaws found the first time around, and sellers might want to address curable problems before hitting the market.
What should you know about home appraisals?
Listed below are five nuggets of appraisal insight, courtesy of the American Society of Appraisers:
What the appraisal report includes:
Your appraisal—which could range in length from two or three pages to more than a hundred, depending on its scope—will include details about the house, a description of the neighborhood and side-by-side comparisons of similar properties. It will also contain an evaluation of the area's real estate market, notations of major problems with the property chat will affect its value, and an estimate of the expected time it will take to sell the property.
How an appraisal report is developed:
Appraisals are opinions of value. and residential real estate appraisals compare your home with similar homes that have sold. Remember, an appraisal is not the same as a home inspection. Inspections look for physical imperfections in the home, making sure it is structurally sound and so forth.
How to get a copy of your appraisal:
You paid for an appraisal when you bought your house. If you didn't request a copy of the appraisal at the time, you can request it from your lender-it's your right under federal law.
What to look for in the report before you sell:
Focus on items that had a negative adjustment- that might be a good checklist for elements to update or remodel. Examples of issues that could cause a negative adjustment: less than the typical number of baths for te house's size.
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