We’ve done it! The home we’ve listed to sell has found a buyer! Of course, your buyer’s lender wants an appraisal… fingers crossed?
The appraisal process can be confusing and stressful, but having your home priced according to market conditions, updates, square footage and over all property condition are a good start. When you are under agreement & the buyer makes application the appraisal will be ordered by the lender. The appraisal is ordered through a lottery system and is accepted and completed typically with 10 days to 2 weeks of the appraisal order. If there are any value issues or “conditions” to the appraisal we will be notified by the lender.
HERE ARE SOME TIPS TO MAKE SURE YOU ARE READY FOR APPRAISAL
Prepare as if it were a showing for the first time. Organize the garage (doesn’t need to be spotless, just tidy); vacuum carpets, clean floors, wash the windows & have bathrooms & kitchen in tip top shape. Make the beds & put away miscellaneous clutter. On the exterior, have the lawn mowed or sidewalk shoveled; replace old mulch & trim the shrubs. The cleaner & fresher your home appears on the inside and out the more value it has to the appraiser. You’ll also want to make sure the appraiser has easy access to the electrical panel, attic & mechanicals – don’t hesitate to leave a note behind with any special instructions or information about your home.
UPDATES ARE GREAT
Updating your home, even with a fresh coat of paint and some modern lighting go a long way. Hopefully, we’ve covered all of this during our listing appointment & by recommendations I’ve made to you along the way. New kitchens, appliances, bathrooms, flooring are more expensive but can really make an impact on the value of your home. These items are taken into consideration along with square footage, age & the area in which you live.
IF IT’S BROKE, FIX IT
If you’ve noticed in the last weeks, months or years that something needs fixed or tuned up, please have it done before the appraisal. Leaky faucets, broken cabinetry, chipping paint, dirty furnace or rusty hot water tanks are just an example. If you get anything serviced or repaired prior to listing or appraisal, please hang on to those invoices – your buyers will appreciate it & so will the appraiser.
ASK ME FOR AN UPDATED MARKET ANALYSIS
I’m always cautiously optimistic when it comes to appraisals. Despite the research and the improvements you’ve made to your home appraisals can be tough. I try my best to give you an accurate pricing forecast for your home, but the appraisers use formulas, comps and their own subjective opinion when it comes to the value of your home. If we are on the fence about value, ask me for an updated market analysis & we can review together.
As always, my goal is to provide you with the most up to date information on the market and make the home selling process as stress free as possible. By preparing you in advance and letting you know the market conditions & the expectations of the appraiser I’m hoping the process will be a little less frantic. I’m always available for any questions or concerns.