What to Know about Property ValuationThe most important thing to know about a home appraisal is that this report can easily kill the deal. If the home comes in under the agreed selling price, it creates a bad scenario. After all, the lender will see the property just isn’t worth the agreed selling price. Which means the buyer will have to come up with the difference or get the seller to lower the price to equal the appraised value.
Don’t let a bad appraisal mess up your deal. This might happen if the prospective buyer of your home is seeking a conforming loan backed by Fannie Mae or Freddie Mac. Some appraisers used for these loans have been hired on the cheap and may lack the education, experience and time to do a good job — basically, to verify that your home’s sale price is supported by its market value. A poorly done appraisal that says your home is worth less than it really is can stop a loan from being approved. —KiplingerHowever, if the appraiser determines the home is worth more than the agreed selling price, the seller will certainly look for a way out. With these two possibilities in-mind, it’s easy to understand just how important the appraised value is to the viability of the transaction.
DIY Home Appraisal Prep in ClearwaterDIY home appraisal prepn starts with a big time deep clean inside. Not just picking up around the house. But, a good, solid purge of everything that you no longer use or don’t need. Then, you can deep clean and disinfect. That is, after you brush on a coat of fresh paint in the rooms that need it. Basically, you’re staging the home (if you’ve not already done so). Then do the following DIY home appraisal prep steps:
- Boost the curb appeal. Research shows time and again, it only takes 7 to 10 seconds for a person to form an impression of a property. That means curb appeal is a top priority. So, be sure to dress up the front yard and the exterior.
- Repair anything that’s broken. Whatever might need repair needs attention. Fix everything that needs it because this will count toward the value of the property. And, you don’t want to give the buyer any objections.
- Print a list of home improvements. If you’ve made home improvements in the past, make a list and print it out. Leave it for the appraiser to review and this will help increase its value.
- Create a list of comparable properties. Also, you should leave a list of recently sold, comparable properties for the appraiser. This helps the appraiser to determine the house’s true market value.