What You Should Know About The Appraisal Process
A home appraisal is a crucial part of the sales process for both the seller and the buyer. The seller requires an excellent appraisal to get the best price possible for their home. The buyer also needs an appraisal done to confirm the sales price to their mortgage lender. For the lender, the appraisal protects their investment by ensuring the sales price is the same as the actual market value of the property.
This blog discusses the home appraisal process from the viewpoints of the seller and the buyer. But first, let’s see how the appraisal process works.
The Appraisal Process Explained
The appraisal assesses a property’s value by state-licensed or certified professional appraisers. Often chosen by the lenders, these professionals offer an unbiased third-party opinion of the home’s current worth. The appraiser comes into the picture once the buyer has made an offer, inspected the house, and signed a contract to purchase.
The assessment process entails the use of a wide range of information to arrive at the best value for a home at the current moment. This includes the age, location, size, style, number of bedrooms, present condition, and any proposed/completed renovations, additions, or updates. The appraiser may also consider the real estate market and the prices of comparable properties.
At the end of the assessment, the appraiser provides an appraisal report, which the buyer sends to the lender. This report often contains details like the zoning classification, available utilities, foundation specifics, attic style and features, amenities, car storage, fixtures, and more. The price of an appraisal ranges from $300 to $600, depending on the size of the homes for sale in Fruit Clove, FL, and its location.
Preparing For The Appraisal As A Buyer
Any buyer buying 32084 homes for sale must prepare for an appraisal. The first step is to add an appraisal contingency to the contract offer. Doing this ensures that you can withdraw your offer on the home if it fails to appraise for the amount offered in the contract. It is also advisable to dig up some useful information about the area where you are interested in purchasing a home. Your Jacksonville realtor can help you compare recent sales and home values, so you are better educated about the price point to quote for your area of interest. This makes the appraisal easier and increases the chances of your offer coinciding with the home value.
Preparing For The Appraisal Process As A Seller
The primary responsibility of the seller is to ensure their home is completely ready for the visit of an appraiser. Start by tidying up everywhere—deep clean around and put your home’s best features on display. If you have any upcoming or ongoing repairs or paint jobs, ensure you complete them before the appraisal. The right repairs can make a massive difference in the outcome of the appraisal process. You should also keep your pets and kits away, so they do not interfere with the appraiser’s job. If you are working with a realtor in St Johns, it is best to speak with them to identify the right homeowner’s documents to gather in preparation for the appraisal. These will include your land survey, list of renovations, invoices, warranties, and proof of the home’s sales price.
Appraisals are not inspections.
Contrary to popular assumptions, home appraisals are different from home inspections. The latter happens days before the former. Inspections are designed to scrutinize all nooks and crannies of your property to pick out all problems or issues. On the other hand, the appraisal process focuses on arriving at the fair market value of your property.
Unlike an appraiser, the home inspector prioritizes the condition of your home’s plumbing, exterior, electrical system, roof, and overall structure. They look deeply at the home's exterior and interior for problems. In the end, they provide an inspection report to the buyer showing the scope of the inspection and what needs repair.
Let’s Help You With Your Home Appraisal
If you are living in Silverleaf St. Johns and planning a home appraisal, you need the help of a St Johns realtor. I am committed to making your home appraisal as seamless as possible within Clay County and Nassau County. I have a vast network of home appraisers and inspectors duly certified and registered with the relevant regulatory bodies.
Feel free to call me today.
