A home appraisal — conducted by a professional home appraiser — is a neutral opinion of a home’s value. If you are buying, selling, or refinancing a home, the home appraisal is an important piece of the financial transaction. When you are buying a home, the appraisal determines if the contract price of the home is appropriate. In a refinance transaction, the appraisal ensures that the mortgage lender is not lending more money than the home is worth.
Now, if you are selling a home, opting to hire a professional appraiser may provide you with an unbiased valuation of your home. Though the vast majority of home appraisers are independent experts with years of experience, some may lean in favor of the buyer or make mistakes.
But the benefits for sellers go beyond that. Following are some advantages to enlisting the help of a professional appraiser:
Avoid Surprises: if your appraisal report comes back with a market value below your asking price, you will be armed with the information needed to take action and increase your home’s value. Whether it be damages you did not account for or the changing housing market, you may opt to make repairs or hold on to the property for a while before selling. Conversely, a higher valuation may warrant a price hike.
Save Time: By being proactive and footing the bill yourself, you may speed up the process and save time. Appraisals are normally scheduled weeks in advance, so a deal that falls through may set you back months.
With that said, most buyers will still need to pay for an appraisal to obtain financing, as lenders are unlikely to accept a seller-paid appraisal alone.
Are you ready to plunge into investing in real estate? RLG has the tools and resources at its disposal to get you on your way and not waste a moment of your time. Call us today to learn more and experience firsthand the dedicated, personalized customer service and undivided attention that RLG has to offer!