We all know that the appraisal is a necessary part of any home sale or purchase. Whether you're getting ready to put your home on the market, or you're in escrow and need to ensure that your home is valued at or above the agreed-upon purchase price, it's important to understand the process and what you can do to ensure a successful outcome
What Is A Home Appraisal And Why Do You Need It?
A home appraisal is an unbiased estimate of the true (or fair market) value of what a home is worth. All lenders order an appraisal during the mortgage loan process so that there is an objective way to assess the home’s market value and ensure that the amount being borrowed isn’t more than the home is worth.
As a homeowner, you may want to order an appraisal in advance of actually selling it to companies that buy homes so that you have a realistic idea of what it is worth in the current market.
What You Can Expect From An Appraisal
A professional appraiser will come to your home and evaluate it inside and out. They will take note of any special features or amenities that add to the value of your home, as well as anything that might detract from its value.
The appraiser will also compare your home to similar homes in your neighborhood that have recently sold, to come up with a fair market value for your property.
How To Prepare For Appraisal Process
Once you have decided to get your home appraised, there are a few things you can do to prepare for the process:
1. Make any necessary repairs - If there are any obvious problems with your home, such as a leaky roof or cracked windows, it is a good idea to have them repaired before the appraiser comes. This will show that you have taken good care of your home and it will not be counted against the value.
2. Declutter - Appraisers need to be able to access all areas of your home, including closets, attics, and basements. If these areas are crammed full of stuff, it will make it difficult for them to do their job properly. Spend some time decluttering these spaces so that the appraiser can move around freely.
3. Stage your home - You want your home to look its best when the appraiser comes, so take some time to stage it accordingly. This means putting away any personal items such as family photos and arranging furniture in a way that is pleasing to the eye.
4. Provide relevant documentation - If you have made any recent improvements to your home, such as a new roof or windows, be sure to have the documentation on hand to show the appraiser. This will help them to see the value of these improvements and it will be reflected in the final appraisal.
5. Be available - Once you have scheduled an appraisal, make sure you will be available on the day of to let the appraiser in and answer any questions they may have. If you are not available, the appraiser may have to come back another day, which could delay the process.
What Are The Benefits Of An Appraisal?
There are many benefits to getting your home appraised, even if you are not planning on selling it. An appraisal can give you peace of mind knowing that you have an accurate estimate of your home’s value, should you ever need it.
It can also help you to make informed decisions about any home improvements you may be thinking about, as you will know exactly how much value they are likely to add to your home.
If you are planning on selling your home, an appraisal can save you a lot of time and hassle by setting the right price from the start. There is nothing worse than listing your home for sale and then having to constantly lower the price because no one is biting.
Things To Consider When Getting Your Home Appraised
1. The value of your home may have changed since the last time it was appraised.
2. The value of your home is not just based on its physical features, but also on location, amenities, and market conditions.
3. An appraiser is not a real estate agent and cannot give you advice on how to market or price your home.
4. An appraisal is just one opinion of value and is not set in stone.
5. You may need to pay for another appraisal if your lender requires it.
6. The appraiser works for the lender, not for you.
7. The appraiser’s opinion is just that – an opinion.
8. There are different types of appraisals, and each one has a different purpose.
9. You can order your appraisal, but it may not be accepted by your lender.
10. An appraisal is not the same as a home inspection.
An appraisal is just one tool that is used to determine the value of your home. It is important to remember that the final decision on how much your home is worth will ultimately come down to the buyer and seller agreeing on a price.
Can a Home Buyer Order An Appraisal?
Yes, a home buyer can order an appraisal, but the lender will still require their appraisal as well. This is because the lender wants to make sure that they are lending you enough money to cover the purchase price of the home, no matter who orders the appraisal.
If you are getting a mortgage to buy a home, the lender will order an appraisal as part of the loan process. The appraiser’s opinion of value will help the lender determine how much money to lend you. If the appraised value is less than the purchase price, you may need to come up with additional cash to make up the difference.
Get Your Las Vegas Home Appraised
Are you looking for a professional and unbiased opinion of your home’s value? Alex Buys Vegas Houses offers comprehensive appraisals that will give you the peace of mind of knowing exactly what your home is worth in today’s market.
If you are planning on selling your home, we can help you to price it correctly from the start, saving you time and hassle in the long run. Contact us today to learn more about our services or to schedule an appointment. We look forward to hearing from you.