Important Information for Home Sellers to Understand About Real Estate Appraisers

Posted By : Aubrey mead , on Oct, 2016

 

In today’s real estate market, very few transactions take place without the input of Real Estate Appraisers. Whether the property is residential or commercial having an appraisal done is nearly unavoidable, especially if a loan from a lender is involved. The appraiser is an objective, independent third party, who has no stake in the final decision. They are typically hired by the lender to provide a professional opinion on the market value of the property. A real estate appraisal is not the same as a home inspection. Although also performed by a third party, an inspection is an in-depth evaluation of the home’s mechanical systems and structure, from the foundation to the roof. Having an idea of what an appraiser from Spectrum Real Estate Services is looking for during an appraisal may ease any concerns the seller may have.

     *     Outside the Home -; The foundation, the siding, and the roof will be evaluated for defects in construction or damage. Any cracks, leaks, or damage will be noted as well as the quality of materials used and their overall condition. Any problems that may make a home inhabitable will be noted in the report.

     *     Inside the Home -; Real Estate Appraisers will take note of quality and materials used for the walls and flooring, as well as windows and interior doors. Any permanent fixtures such as appliances, lighting, and plumbing will be inspected for damage or defects. Higher quality appliances, plumbing, flooring, lighting, and windows, all increase the appraisal of a home.

     *     Amenities -; The appraisal report includes features such as central air-conditioning, attached garage, security system, ceiling fans, or insulated windows. Depending on the area, amenities like a swimming pool or built-in hot tub, may or may not, add value to the appraisal.

     *     Improvements or Upgrades -; The appraiser will want to know about any improvements done to the property since its construction. New floors, renovations, or a new roof -; all impact how the value is determined.

Once a walk-through of the property has been completed the appraiser uses a method known as a comparable sales price to determine the value of the home. Using market data for similar homes, in the same vicinity, sold within the last six months, the appraiser arrives at what they consider the fair market value of the home. It is usually rare for a home to come in significantly below the asking price.You can connect with them on Facebook for more updates!

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