Home Appraisal FAQ

Appraisals are a complicated process that most home sellers need to go through to sell their home. As most people know, the appraisal process is complicated, and not a lot of people know how to go about finding the right appraiser for the home they are trying to sell. For those of you who are trying to sell your home and are trying to understand the appraisal process, here are 10 FAQ’s to help you get a basics of what a home appraisal is like.

What is a home appraisal process? – The appraisal process is when an appraiser comes to your home that you are trying to sell to determining the estimated value of your property.

How does an appraisal work? – An appraisal works by having an appraiser come into the home you are trying to sell to examine certain things. An appraiser looks at the house inside and out to determine what price it should have on the market, compares the house you are trying to sell to similar homes to further help determine the price, and will complete by having the final appraisal report after the inspection and comparing of houses.

How long does the appraisal process take? – This depends on what kind of property you are trying to sell. On average for home appraisals, it can take as short as a half hour to as long as several hours.

What is an appraiser looking for? – An appraiser is looking for the estimated price of your home. An appraiser could look for the complete value of the property, what types of projects have been done to the house, and how modern or historical your home is.

Should I provide information to the appraiser? – Yes! Any information on the house including the floor plan, what types of projects you have done to the house, and about the surrounding area helps to. The more information you provide, the more your home will be priced at its true value.

Does an appraisal cost money? – Yes, but the price varies depending on how an appraiser charges for their services. Some go by the hour, and some can charge for the research that they might do on your home. It all depends on the appraiser.

Is a home appraisal the same as a home inspection? – No. A home appraisal is an estimate of the value of your home whereas a home inspection is to look at the functionality of your home.

Why would someone need a home appraisal? – Some people might consider getting a home appraisal because they receive something else after. Some people can get a loan, a negotiable tool when trying to purchase another home, and a reasonable price for their home of course.

What if I am not satisfied with the estimated price after my appraisal? – You can ask to review the appraisal and possibly negotiate your price. But, it depends on what you appraiser’s policy is and also what legal rights you and your appraiser have with the appraisal.

Is there anything I can do to improve the value of my home before the appraisal? – Yes! If you were ever looking to make any renovations on the house, do it before the appraiser comes. You can make sure the inside of the house is clean along with the front yard and backyard. You can also talk about the benefits of the town you live in to possibly increase your value.

About the Author: Alina is a guest contributor from Midwest Appraisal Management, a company that matches appraisers to home appraisals.

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