3 Things to Expect During a Home AppraisalJune 28, 2019
3 Things Sellers Should know about Home Appraisals
While parts of the real estate transaction can be obvious to sellers and buyers, there is not a step that’s shrouded in as much mystery as the home appraisal. Whereas buyers need the appraisal to finance the purchase of a home, the seller is left wondering how this process impacts the home price and outcome of the deal. At Ray Hall Appraisals, we like to educate both sellers and buyers about the home appraisal process, so when it comes time for your home, you will know what to expect.
- The appraisal will determine value/price of your home – Sellers should know that the outcome of appraisal dictates the asking price on the home. This is because an appraisal is considered to be a credible and professional valuation of the home that is considered law by lending institutions. Your qualified home appraiser knows exactly what to look for in a home, so the appraisal is considered accurate.
- Home appraisal is not the same as a home inspection – The misconception that a home inspection is the same in a home appraisal confuses some sellers. A home appraisal looks at the value of the home while a home inspection looks at the defects in the home that could be used in negotiations by the buyer.
- Sellers can improve the appraisal – Typically, the buyer pays for appraisal however if the seller wants to be more involved in the appraisal process, they can order one. Furthermore, the seller can inspect and fix minor problems with electrical, sliding, and plumbing for a better outcome of the appraisal.
If you are seller with questions about the home appraisal process, contact Ray Hall Appraisals today for more information.