After finally saving up enough money to use as a down payment, I decided that it was time to hit the market. I met with a lender, got pre-approved for a loan, and then started visiting different properties. However, I quickly realized that I didn't know as much about real estate as I would have hoped. I wanted to find a great neighborhood and know what to ask the professionals, but I could tell that I needed a little help. To point me in the right direction, I started working with a great real estate agent who was familiar with the area. This blog is all about educating the general public on real estate matters.
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Getting a professional real estate appraisal is an important step in selling your home, and is typically arranged by the buyer's real estate agent. A real estate appraiser, who is a neutral third party in your real estate sale, will inspect your home and determine a market value. It's important for your home to appraise as high as possible in order to ensure the sale goes through without any issues. If your home appraises for much lower than your asking price, your buyer may not be able to secure a mortgage. Here are three ways to prepare for your appraisal:
Document All Home Improvements
Sellers are not typically allowed to be at the home during the real estate appraisal. This means you will not be able to verbally explain the improvements you've made to the home to the real estate appraiser. Instead, you can clearly and accurately list all of the improvements in a written document. You can also gather receipts for the improvements you've made. Neatly organize all of this documentation in a binder that can be left on the counter or near the front door for the real estate appraiser to look at.
Allow Yourself Plenty of Time
Once a potential buyer submits an offer and you decide to accept it, be prompt in scheduling the real estate appraisal. This will allow you plenty of time to make improvements if the appraisal comes back lower than expected. For example, if the real estate appraiser's inspection mentions that the front porch steps need to be repaired and that they've deducted value from your appraisal because of it, you can hire someone to fix the steps. You can then schedule a second real estate appraisal once the improvement is made.
Clean and Stage Your Home
While real estate appraisers use objective information about the local real estate market to appraise your home, they are also human beings who are influenced by their surroundings. If your home is spotlessly clean and nicely staged, it will be shown to its full advantage when the appraiser inspects it. Clutter and messiness can create distractions that may negatively affect your real estate appraisal. When cleaning and staging your home, don't neglect the exterior. Be sure to clean up any garbage, mow the lawn, and pull any noticeable weeds.
By following these tips you will be as prepared as possible for your real estate appraisal, helping your home to appraise for as high as possible.
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