Home selling the fun filled world of home appraisals

The Fun-Filled World of Home Appraisals

One of the most important aspects of either the home buying or home selling process is the appraisal. Chances are good that you encountered one at some point during your own home buying process – either one initiated by yourself at the behest of a lender or one completed by the home seller prior to the listing of the home. Now you are on the other side of the equation, and although the procedure is the same, there are new anxieties and new concerns to face.

Today, we want to discuss some of the most basic aspects of the appraisal process. This will be the first of several articles on the subject, so don’t worry about trying to glean everything you need to know from this one piece.

So…what does it mean to get a home appraised?

Great question! The most simple answer, and the one you are probably already familiar with, is that a home appraisal is an inspection of a property done by a licensed home appraisal officer in order to discover a home’s “true” value. This is done by looking at numerous aspects of the property (number of condition of the structure, condition of the property, etc…) after which a full report is composed and presented to either the seller or the buyer, depending on who initiated the appraisal.

The important thing to remember is that the number that the appraiser comes up with is not necessarily the price at which you will list your home. Depending on the market in your area, you could find yourself asking above or below the appraised amount. What the appraisal does do is give the lending companies that work with buyers a number on which to base the amount of the loan.

Wait, you’re telling me that the appraisal doesn’t set the price of the home but it will set the amount that a loan officer will offer to a buyer?

Exactly. It’s one of those situations that doesn’t really make much sense but that we also don’t have much of a say in. Unless a buyer approaches you with cash in hand, they will be going to a loan officer and that loan officer will ask for a home appraisal. Regardless of the listing price of the home, most loan officers will only offer a loan based off of the appraised price of the home.

What this means for you as a prospective home seller is that you want to do everything in your power to ensure that the appraised price of the home is as high as it can be. We will go over some key steps to accomplish this in another upcoming article.

Related Links:

Testimonials

  • Couldn’t have asked for more! Rich is prompt, efficient, caring and very personable. Rich was great. Stormy was terrific, and the fact that they took care of a problem that arose long after the closing was serice above and beyond. We were very pleased.

    Patterson

  • Rich was very helpful in selling our home. Always willing to offer opinions and solutions as we went thru the sales process. He was always available to answer questions. I highly recommend him to help buy or sell your home.

    M Burgess

  • My house was listed and sold in under a week – and the process was easy. Rich’s assistant Stormy was amazing and was always quick to respond to any of my questions. They took care of everything for me.

    K Blummer

  • We found ourselves in a sticky situation, already under contract with a buyer, and then there was a horrible weather event that could have destroyed the sale. Rich was there to hold all the pieces together, and did so much work on all our parts to make sure the deal stayed together. I don’t think we would have sold without him. Rich is a national treasure!

    Diane and Steve

  • Rich sold our house in 5 days and above asking price! We were pleasantly surprised and thankful for the quick sale, and we know it was due to his expertise and negotiation skills. Additionally, his associate, Michelle Rottach, was incredibly helpful in our search for our new house. Her patience, advice, and expertise was critical to helping us find a forever home that we love. I highly recommend their team to anyone looking to buy or sell!

    D Ramos

5 reasons to partner with Rich Bassford

  1. Consistently one of the Top Selling Agents in QC
  2. Successfully completed over 1400 transactions in his career.
  3. Calculates the ideal sale price to meet your expectations and attract buyers.
  4. Brings interested buyers to your doorstep.
  5. Maximizes your home’s visibility online and through his network of agents.