Press Release Summary = Your realtor or lender told you to plan on getting a call from the appraiser. They’d need to set up an appointment when they could come over and appraise your home. Don’t panic.
Press Release Body = FOR IMMEDIATE RELEASE 2/16/2006
Send Me To Any City In The United State, Take Away My Wallet, And In 72 Hours I\'ll Buy You An Excellent Piece Of Real Estate Using None Of My Own Money.
Your realtor or lender told you to plan on getting a call from the appraiser. They’d need to set up an appointment when they could come over and appraise your home. Don’t panic. This isn’t a final exam and you don’t need to dread this visit. She (or he) will be there to determine the value of your home, not to look at or in your stuff. They will be looking in all rooms on all levels as well as your outside property. They will measure boundaries and take photographs. Appraisers have seen everything so you need not scurry around tossing things in closets and under the beds as you would if your in-laws were coming over. Whether you’re selling your home or refinancing, the process is the same (in most cases). The appraiser’s job is to determine market value of your home so that your lender knows the home is valued at or above the amount of money you are borrowing. An appraisal is basically an opinion of value, an estimate of worth. It’s not entirely a subjective process. The FNMA, Federal National Mortgage Association sets up the guidelines and assigns values to certain assets of your home to ensure a fair sale. www.appraisersworld.com The value of a residential home is estimated by comparing the property with similar properties that have been sold recently. This is commonly referred to as “Comps”. “We need to look at comps”. They start by looking at your neighborhood to find comparable sales or properties in similar neighborhoods that share similar characteristics of lifestyles, income level of residents, surroundings, average age and home values. If your home is a 3 bedroom ranch with 1.5 bathrooms, attached garage situation on ½ acre of land, the appraiser will try to find a similar property in a nearby neighborhood or same school district. They will need to find three or more homes that recently sold homes with similar characteristics for a valid appraisal. Once they find the comps, some adjustments will need to be made. The other homes likely had some features yours didn’t, or vice versa. The comparable properties are adjusted. By doing it this way, your house reveals more value when compared to a comparable house with lacking items (such as no fireplace or central air). Relax, don’t worry. Don’t stress over the appraiser’s visit. You can’t schmooze them into higher values and they’re not going to trash your appraisal because they didn’t care for your choice in wallpaper!
AppraisersWorld.com is a website forum devoted soley to the real estate appraisal questions and answers. Have a nagging question or maybe you would like some more information, what ever is the case For more helpful information regarding real estate appraisal visit: http://www.AppraisersWorld.com
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