During the appraisal process, you’ll receive a fair estimate of the market value of your home. This exists to protect both the buyer and the seller, so it is an imperative piece of getting your home loan funded. The seller is protected from massively underselling on the value of the house and the seller is protected from overpaying on a home that is not worth the loan that they are seeking. The lending company is also assured that the money they are putting forth for the purchase of the home is an accurate amount.
An appraisal begins with the hiring of a certified appraiser. These highly-trained professionals are licensed in the field and must be able to give an unbiased estimate of its value. When they are hired, they begin by looking at the value of comparable homes, usually within a mile of your prospective house. They will look for obvious damage, such as cracks, leaks, and code-violations, as well as the nature and viability of fixtures, lighting, and the like.
If you’re selling your home and would like to boost your home’s appraised value, be sure to complete any repairs that need to be done before they arrive, especially if the repair is valued at $500 or more. Most appraisers price homes in $500 increments, which means that a small repair can make a huge difference. You should also do your best to tidy up. While an appraiser is not checking if your home is clean, the appearance of a clean home can increase the perceived value. You can also put new paint on the walls, tidy the landscaping, and be sure to keep the appraiser comfortable by keeping pets and children out of their hair while they work.Contact Us Today