Home appraisals may seem scary. And they are a necessary part of selling any home. But with the right preparation and a few key tips, they can be easily manageable and will help with the sell.

A home appraisal determines the actual price of and valuation of a house and lenders will take this information into account as they determine the financing they will extend to a homebuyer. The assessment of the condition and features of the home is done by certified professionals.  A house inspection differs from an appraisal. Many potential homebuyers will ask for proof of a home inspection, defining any potential problems with the house. The inspection is more thorough and examines parts of the house such as plumbing and heating to check that they are up to the local code.

An appraisal, however, determines the property’s square footage, substantiates changes such as improvements/upgrades, and notes any damage that has been done to the home. External factors are included in the appraisal, such as reports on the home’s location, the state of the local market, and changes in the neighborhood and surrounding areas (all aspects that can affect the valuation of the home for sale). The state of cleanliness of your home won’t be appraised though, so don’t fret.

An appraisal does eventually expire (typically after six months). The value can change within that time period, so another appraisal is required. An appraisal can also be disputed if the homebuyer believes that a change in the value has occurred since the appraisal took place or if the homebuyer believes something was omitted or incorrectly reported the first time.

Your local real estate agent can also be a great help in finding an agency for home appraisals and help you step by step.

Article Citation:  Montalto, Lillian.  (October 14, 2013).  What you should know about home appraisals.  My Realty Times.  Retrieved April 21, 2014 from: http://lillianmontalto.realtytimes.com/advicefromagents1/item/26373-what-you-should-know-about-home-appraisals.
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