Tips For Home
Owners About Getting A Good Appraisal
Call Keji @ 301-613-2043 For Your Real Estate Need or get
More information on Preparing your home for sale
A home appraisal should not be
confused with a home inspection. A home appraisal is an evaluation of your home
by a professional appraiser who should be a member of the Maryland Association
of Appraisers (MAA). This organization promotes the highest professional
standards and conducts training programs to meet the evolving needs of the
industry. However, you may not be able to select the appraiser because the
lender has a group of appraisers who routinely appraise property for the
lender. You can surely ask if the appraiser is a member of the MAA. You can
hire your own appraiser for your use, but the lender is not obligated to use
your appraiser. If your own appraiser evaluates your home at a higher price
than the lender's appraiser does, then you would have a reason to discuss the
difference with the lender. A private appraisal would probably cost between
$300 and $500. This article will offer some home appraisal tips for home
Your real estate agent is in a
good position to give you a price that they believe your home is worth by
comparing the sale prices of comparable properties in the same area. Your agent
will likely do this as part of the listing process, because this comparison
will help set the market price for your home. The lender's appraiser will also
look at the recent sale prices for similar homes in the area.
Thinking about Selling Your House- Get your home value first !
Related Article: 10 Staging Tips For Quick Sell
HOME APPRAISAL TIPS FOR HOME OWNERS
Many home owners become
comfortable with their home and neglect some maintenance. Often the back yard
is in need of some care to make it appeal to buyers. Trimming and clearing the
yard is essential. Trim the trees so that they have the appropriate shape for
the species. Make the yard as colorful as the season will allow. If it is
summer, then plant some flowers that will catch the eye. A bland yard will not
look as good as a yard with flowers and shrubs.
Take a really good look at your
home's curb appeal. What will prospective buyers see, and what will the
appraiser see? The front yard needs to be trimmed and the grass cut. Flowers
and shrubs will also help the front yard. What does the front of the house look
like? Does it need painting? Does the attached garage have a door that should
be replaced? Is the cement driveway cracked and stained with oil? Are unsightly
weeds growing? These are all items that will influence an appraiser. If the
home owner doesn't properly maintain the yard and the home's exterior, then
does this speak to the condition of the rest of the home?
The condition of the home's
interior will be evaluated by the appraiser. If the interior walls are cracked
and show signs of water damage, then this must be fixed before the home is
appraised. These conditions could indicate an ongoing leak in the plumbing or
the roof resulting in structural damage and the growth of black mold. Newly
painted walls will help, but they are not going to be a determining factor if
other problems exist.
Related Article: Home Selling Tips
INFORM THE APPRAISER OF SPECIFIC
Let the appraiser know about new
floors, new windows, a finished basement or improvements to bathrooms and the
kitchen. Not every home improvement will increase the value of your home by the
exact cost of the improvements. Regardless, new wood floors, for example, will
help where a worn carpet will not.
TREAT THE APPRAISER WITH COURTESY
Be polite to the appraiser and
allow them complete access to your home. Don't follow them around, and don't
try to justify problems that cannot be justified. If you know about a similar
home that has recently sold for a price comparable to your asking price, let
the appraiser know. If a similar home has sold for less, then let the appraiser
know what makes your home worth more.
In most cases, Maryland appraisers say that value is the
biggest deal breaker with an FHA purchase. If an FHA appraisal is made for a
potential buyer, but a different buyer submits an offer, the FHA appraisal
stays with the home for six months. Any repairs that an FHA appraiser discovers
is noted in a file that is kept on the home for 1 year. Repairs are the second
biggest deal breaker with an FHA purchase. If you want to sell with an FHA
mortgage, then by all means get a private pre-appraisal.
Find out recently Sold homes in Your neighborhood.
The appraisal is the most
important step in the sale of a home. It will determine whether the potential
buyer can afford the home, and it will determine if the asking price is out of
line with the market.
Keji & Associates of Fairfax Realty is a team of licensed
agents working daily to get homes sold for our clients in all metro area in Maryland,
Washington D.C and Virginia.
We delight our clients by delivering world class service every step of
the way and we strive to create a win-win situation this is all part of
our values and beliefs.