How to Prepare for Your Property Appraisal
When you’re preparing to sell your home, it’s important to remember that a property appraisal is one of the many steps in the process. Find out how to prepare for this important process and what you should expect during the review.
What is a Property Appraisal?
Most people think of a property appraisal as a costly, time-consuming process that is typically used by real estate agents to set the asking price of a home. However, there are other applications for property appraisals, such as determining if you are eligible for a loan or if your property is worth more than you think. Here are six steps to preparing for your property appraisal:
- Know the basics of how property appraisals work. A property appraisal is an estimate of the market value of a property. The appraiser will use a number of factors to come up with an estimate, including: size and location of the property; recent sales in the area; current conditions and improvements; and local demographics.
- Get organized. Before your appointment, make sure you have all the documents your appraiser will need to complete the appraisal. These include: deed or lease information; photos or drawings of the exterior and interior of the property; recent financial statements (if available); and any relevant zoning information.
- Get estimates from qualified professionals. There is no one definitive way to conduct a property appraisal, so it’s important to get multiple estimates from qualified professionals. You can do this by asking your friends, neighbors, or colleagues for recommendations. You can also search local companies that provide property appraisals on websites like Zillow and Redfin.
- Choose the right appraiser. An experienced, licensed real estate appraiser will be able to give you a comprehensive appraisal of the property’s value based on all the available information.
- Discuss the appraisal with your real estate agent or lender. The appraised value should be used as a baseline and not as an ‘anchor’ price for negotiations; however, it can help guide discussions and negotiations between you and a buyer or seller during negotiations.
- Review the appraisal before signing a purchase agreement and/or mortgage documents. This is especially important if your agent or lender indicates that the value is ‘too high,’ ‘too low,’ or too close to another property. Also, you should confirm that all information in the appraisal report has been verified by an independent third party and that it represents market values (i.e., comparable sales and location, size and condition).
Find out if your property requires an appraisal
If your property is in your own name, you can generally skip this step.
If your property is in the name of a trust, or another person, you will need to get an appraisal.
There are a few ways to go about getting an appraisal. The most common way is to use a professional appraiser who is licensed and experienced in the trade.
The main thing to remember when getting an appraisal is to choose someone who is qualified and experienced in the field. Also, make sure you provide the appraiser with all the relevant information about your property, including:
- The market value of similar properties in the area
- The condition of the property
- The history of the property
- Any recent changes or improvements to the property
Preparing for your Property Appraisal
A property appraisal can be a very important step in the home buying process. By understanding the basics of preparing for your appraisal, you can ensure that the process goes smoothly. Here are some tips to help you get started:
- Get organized. Before you start your appraisal, make sure you have all the documentation you need. This includes photos, floor plans, and any contracts or documents related to the property.
- Review the property. Spend time walking around the property and taking note of any problems or issues. This will help you better understand how it works and whether it meets your needs.
- Talk to experts. If you’re not familiar with home appraisals, ask your real estate agent or another expert for advice. They can provide you with resources and help you prepare for the appraisal process.
If you have been waiting for your property appraisal, here are a few tips to help make the process smoother.
First and foremost, always be on time for your appointment! Appraisers are busy people and will not appreciate being kept waiting.
Next, be prepared to answer any questions your appraiser asks. This includes providing photographs, floor plans, and specifications of the property.
Finally, keep a positive attitude during the appraisal process! Appraisers are human and may have some negative comments about your property. Try not to take it personally.
The appraiser will assign a selling price to your property and it is important that you follow their instructions. Never deviate from the suggested selling price and always observe the terms of the contract. Appraisers must adhere to the provisions of the contract and cannot deviate from them. So, no back pocket deals! If you are not satisfied with the outcome of your appraisal, contact Clear Title and Appraisal.
Contact Clear Title and Appraisal for Your Property Appraisal Needs!
If you are thinking about selling your home and need to know the fair market value, contact Clear Title and Appraisal for a free appraisal. Clear Title is a full-service real estate agency with over 30 years of experience in the industry. We will help you gather the necessary information for your property appraisal, including: contact information for all property owners, photos, descriptions of any modifications or updates to the property, and any liens or judgements against the property. Once we have this information, we can provide you with a fair market value for your home.
The Clear Title and Appraisal Company team is committed to a dependable and consistent home appraisal when you are in the midst of your home closing process. We stand behind our work and focus solely on providing fast, affordable, and accurate valuations for the Texas home market. Another certified appraiser reviews all appraisals, so you can be double sure there are no mistakes. Our reports are guaranteed, and we also explain how we determine the appraised values.
Schedule an appraisal today. Call us at 469-908-3753, and we will immediately have someone respond to your request with the right solutions.