Preparing Your Home for the Appraisal
Dave Radcliffe of The Radcliffe Group at Keller Williams Realty Southwest discusses what the best practices for preparing your home for an appraisal are with Kelly T Wade, SRA of Wade Valuation Services. Kelly is a provider of real estate appraisal, appraisal review, and consultation. At Wade Valuation Services, Quality, Integrity, and Respect are more than rhetorical statements; with 30+ years of professional appraisal industry experience and proven results, Kelly is someone that Dave trusts and recommends.
Our goal at The Radcliffe Group is to help you present and sell your property for the best and highest price, eliminating all real estate nightmares. There are a few key things you can do to Prepare Your Home for the Appraisal.
Understanding a few key real estate terms is helpful:
What is an Appraisal?
An appraisal is a written justification of the price paid for a property, primarily based on an analysis of comparable sales of similar homes nearby.
Is a Home Inspection the same thing as an Appraisal?
No- A home inspection is a thorough inspection by a Home Inspection professional that evaluates the structural and mechanical condition of a property. A satisfactory home inspection is often included as a contingency by the purchaser.
Who is an Appraiser?
An appraiser is an individual qualified by education, training, and experience to estimate the value of real property (and personal property). Although some appraisers work directly for mortgage lenders, most are independent. Most realtors are not Appraisers.
What is the Appraised Value?
The appraised value is an opinion of a property's fair market value, based on an appraiser's knowledge, experience, and analysis of the property. Since an appraisal is based primarily on comparable sales, and the most recent sale is the one on the property in question, the appraisal usually comes out at the purchase price.
What is the best way to prepare for an Appraisal?
Step one and most important, make sure the home is listed with a qualified agent. Your agent will suggest any necessary major repairs that should be completed before appraisal. Often these repairs are suggested before listing the home or before the home inspection, that way, come time for a buyer to view your property they see the best possible home you can offer. Be sure all repairs are complete before the appraisal, as the appraisal will be the final word on the homes valuation.
An appraiser is looking at the house, not furniture or personal property, it’s a visual inspection to make sure the home is inhabitable and priced correctly for lending and resale purposes. Different loan types have different requirements for appraisals, the rule of thumb is make sure there are not broken windows, broken exterior door locks, safety issues or missing straps on the water heater. The appraiser is doing a visual inspection looking for safe and sellable; structurally sound plumbing, doors, windows, and garbage disposal. He will compare these features and other upgrades to comparable properties in the neighborhood to determine your home’s value. When it comes to condition, cleaned up, looks nice and helps him feel comfortable when determining the market range vs. a home where this feel in disarray which can affect the price. Sold properties nearby will help the appraiser compare data to determine the value.
Avoid Re-inspection fees, and follow your Realtor’s instructions prior to the appraisal to yield the highest value when selling your home.
If you have more questions on how to prepare for the appraisal process, give us a call we are happy to help! The Radcliffe Group is your Las Vegas, Summerlin, Centennial Hills, and North Las Vegas real estate connection. Ranking consistently as one of the top real estate teams at Keller Williams Realty Southwest Las Vegas, Dave also ranked number 1 in 2014 as the top producing individual out of 172 Realtor- Agents in his office. Specializing in helping Las Vegas and North Las Vegas homeowners sell their home for the highest market value, Dave and his team will help you yield your highest profit. Call 702-379-3401 when it is time to sell your Las Vegas, Summerlin, Centennial Hills or North Las Vegas Home.
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