Tips For Home Owners About Getting A Good Appraisal

Tips For Home Owners About Getting A Good Appraisal

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A home appraisal should not be confused with a home inspection. A home appraisal is an evaluation of your home by a professional appraiser who should be a member of the Maryland Association of Appraisers (MAA). This organization promotes the highest professional standards and conducts training programs to meet the evolving needs of the industry. However, you may not be able to select the appraiser because the lender has a group of appraisers who routinely appraise property for the lender. You can surely ask if the appraiser is a member of the MAA. You can hire your own appraiser for your use, but the lender is not obligated to use your appraiser. If your own appraiser evaluates your home at a higher price than the lender's appraiser does, then you would have a reason to discuss the difference with the lender. A private appraisal would probably cost between $300 and $500. This article will offer some home appraisal tips for home owners.

Your real estate agent is in a good position to give you a price that they believe your home is worth by comparing the sale prices of comparable properties in the same area. Your agent will likely do this as part of the listing process, because this comparison will help set the market price for your home. The lender's appraiser will also look at the recent sale prices for similar homes in the area.
Thinking about Selling Your House- Get your home value first !

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HOME APPRAISAL TIPS FOR HOME OWNERS

Many home owners become comfortable with their home and neglect some maintenance. Often the back yard is in need of some care to make it appeal to buyers. Trimming and clearing the yard is essential. Trim the trees so that they have the appropriate shape for the species. Make the yard as colorful as the season will allow. If it is summer, then plant some flowers that will catch the eye. A bland yard will not look as good as a yard with flowers and shrubs. 


Take a really good look at your home's curb appeal. What will prospective buyers see, and what will the appraiser see? The front yard needs to be trimmed and the grass cut. Flowers and shrubs will also help the front yard. What does the front of the house look like? Does it need painting? Does the attached garage have a door that should be replaced? Is the cement driveway cracked and stained with oil? Are unsightly weeds growing? These are all items that will influence an appraiser. If the home owner doesn't properly maintain the yard and the home's exterior, then does this speak to the condition of the rest of the home?

The condition of the home's interior will be evaluated by the appraiser. If the interior walls are cracked and show signs of water damage, then this must be fixed before the home is appraised. These conditions could indicate an ongoing leak in the plumbing or the roof resulting in structural damage and the growth of black mold. Newly painted walls will help, but they are not going to be a determining factor if other problems exist. 
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INFORM THE APPRAISER OF SPECIFIC HOME IMPROVEMENTS  
Let the appraiser know about new floors, new windows, a finished basement or improvements to bathrooms and the kitchen. Not every home improvement will increase the value of your home by the exact cost of the improvements. Regardless, new wood floors, for example, will help where a worn carpet will not.
TREAT THE APPRAISER WITH COURTESY
Be polite to the appraiser and allow them complete access to your home. Don't follow them around, and don't try to justify problems that cannot be justified. If you know about a similar home that has recently sold for a price comparable to your asking price, let the appraiser know. If a similar home has sold for less, then let the appraiser know what makes your home worth more.

FHA APPRAISALS 

In most cases, Maryland appraisers say that value is the biggest deal breaker with an FHA purchase. If an FHA appraisal is made for a potential buyer, but a different buyer submits an offer, the FHA appraisal stays with the home for six months. Any repairs that an FHA appraiser discovers is noted in a file that is kept on the home for 1 year. Repairs are the second biggest deal breaker with an FHA purchase. If you want to sell with an FHA mortgage, then by all means get a private pre-appraisal. 
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SUMMARY
The appraisal is the most important step in the sale of a home. It will determine whether the potential buyer can afford the home, and it will determine if the asking price is out of line with the market.

Keji & Associates of Fairfax Realty is a team of licensed agents working daily to get homes sold  for our clients in all  metro area in Maryland, Washington D.C and Virginia. We delight our clients by delivering  world class service every step of the way and we strive to create a win-win situation this  is all part of our values and beliefs. 

Contact us @ 301-613-2043, email keji@metrohomesrealty.com or visit our website www.metrohomesrealty.com