All the negotiations are done and you have finally have secured a buyer for your home. The only obstacle remaining is the home appraisal. Don't worry; you have already won half the battle.
Sales Contract
One the day of the appraisal, there are many facts the appraiser will use to complete his report. The number one factor used in determining the appraised value is the home's worth. The worth of the home is established by the sales contract and the amount of money the buyer has agreed to pay the seller.
Market Value
The county courthouse keeps a record of all real estate transactions within their county. The appraiser uses this information to locate comparable properties. Comparable properties are similar is both size, style, construction type have sold within the 6 months, and is located within 15 miles of the home that is being appraised. If available, the home appraiser will prefer to use comparables that have closed within the last month and are located 0-3 miles of the home being appraised.
Home appraisers will also look at the features of the house when determining its appraised value. Things like square footage of the living space, condition of the house, age of the house, size of the lot, and the level of craftsmanship of the house all go into determining what makes a good comparable property. Generally, the home appraiser will use three comparable properties to help determine the appraised value of the house.
Final Thoughts
On the day of appraisal, be available to discuss any repairs or renovations with the appraiser. Have your home cleaned and any clutter removed and cut the grass. Having the interior and exterior in great shape when the appraiser sees it will make a great first impression.
Hubert Miles is the founder of Waterfront Houses USA, an internet advertising service that offers Coastal Properties For Sale and Coastal Property in the US and Canada.
Sales Contract
One the day of the appraisal, there are many facts the appraiser will use to complete his report. The number one factor used in determining the appraised value is the home's worth. The worth of the home is established by the sales contract and the amount of money the buyer has agreed to pay the seller.
Market Value
The county courthouse keeps a record of all real estate transactions within their county. The appraiser uses this information to locate comparable properties. Comparable properties are similar is both size, style, construction type have sold within the 6 months, and is located within 15 miles of the home that is being appraised. If available, the home appraiser will prefer to use comparables that have closed within the last month and are located 0-3 miles of the home being appraised.
Home appraisers will also look at the features of the house when determining its appraised value. Things like square footage of the living space, condition of the house, age of the house, size of the lot, and the level of craftsmanship of the house all go into determining what makes a good comparable property. Generally, the home appraiser will use three comparable properties to help determine the appraised value of the house.
Final Thoughts
On the day of appraisal, be available to discuss any repairs or renovations with the appraiser. Have your home cleaned and any clutter removed and cut the grass. Having the interior and exterior in great shape when the appraiser sees it will make a great first impression.
Hubert Miles is the founder of Waterfront Houses USA, an internet advertising service that offers Coastal Properties For Sale and Coastal Property in the US and Canada.
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