It doesn’t matter if you are buying or selling a home in Atlanta… either way, it is important that you pay close attention when it comes time for the property appraisal. Having the property appraised is a necessary step to help the buyer secure a mortgage, and to help both parties know that they are getting a fair deal for the property. In this article, we will discuss What to Watch Out for During the Home Appraisal Process.
The outcome of the home appraisal can have a direct impact on the sale, potentially causing a buyer to fall through if something goes wrong. Here are a few things that you should keep in mind when it is time for the home appraisal:
Involve Your Real Estate Agent
Before the appraiser’s report is made, you might consider having your real estate agent on site to talk with the appraiser. It can be beneficial to have printed reports of recent sales in the area that are comparable to the property, because this information can be used to justify the price of the listing. Communication helps to smooth over any concerns that pop up, and it is best to work through these worries before the report is finished.
Know the Factors that Might Impact Appraisal Price
By knowing the area, you might be able to help the appraiser see the local factors that can impact the value of your home. For example, there are some situations where home prices increase so quickly that sales over the past six months need to be considered more than prices of comparable homes that sold a year or two ago. Other factors include details such as inadequate comps, a finished basement, high end finishes or landscaping, or other unique aspects in the home.
Ask for a Revaluation if Necessary
When you look at the copy of the appraisal report, do you see glaring mistakes that were overlooked? If there are errors or other problems in the report, then it might be possible to talk with the appraiser in order to have the corrections made. A revaluation might be necessary if the appraisal price comes in and it is very different than the agreed price for the sale of the home. Keep in mind that there are certain situations where revaluation isn’t available though, such as when you are using an FHA loan which prohibits revaluation for four months after the initial appraisal was completed.
Don’t Stress about Appraisal Fraud
Some people are overly worried about fraud in the appraisal process, because they think that the other party will be involved to change the appraisal price. Don’t worry though, because appraisers are held to strict standards for the appraisal process, and they need to follow specific guidelines in order to determine the value of the property.
Do you have questions about how the home appraisal process will impact the sale of your home? Contact our team at Duffy Realty of Atlanta, and we will gladly answer your questions. Call us anytime at: (678) 318-1700
We hope you enjoyed our article on What to Watch Out for During the Home Appraisal Process.