Understanding The Appraisal Process

An appraisal is an unbiased estimate of a home’s value. It is similar to a realtor’s comparative market analysis. This evaluates specifics such as year built, bed/bath count, improvements needed etc.

appraisal

For sellers:

Wondering how to boost your home’s appraisal value?

1) Curb Appeal – Is there peeling paint, cracks in the driveway, a broken garage door, overgrown landscaping? Don’t let these things work against you. Create a more welcoming environment and increase property value. We blogged on this, check it out! blog.parsonsrealestateteam.com

2) According to www.discover.com, don’t show your age. The newer your home appears to be, the better.

3) Keep track of updates you make & keep your receipts!

4) Review the appraisal with your realtor and make sure information is accurate and takes into account other things that could add value to your home (i.e. school districts &  neighborhood attractiveness).

For Buyers: 

1) Include a contingency to your purchase offer, to account for a low appraisal.

2) When an appraisal comes in low, you may be able to negotiate the asking price and meet somewhere in the middle with the seller.

3)  It never hurts to get a second appraisers opinion.

The Difference Between An Appraiser & An Inspector 

An appraiser is not the same as a home inspector. An inspector looks at the mechanics and structural issues, making sure there are no major problems. An appraiser observes the house in its current state in relation to similar homes in the area.

Want more information? Contact us at (626) 204-3302 today!

Information accessed from:

www.discover.com

homeguides.sfgate.com

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