Is It Good To Get Your House Appraised Before Selling? Subscribe to YouTube channel
Hey everyone. Just wanted to take a few minutes to discuss with you why it may be a good idea to get your home appraised prior to putting your home on the market when you’re looking to sell your home. So normally a buyer that puts an offer on home and you accept that offer, they will get the home inspected, then they will move forward and have your lender do an appraisal on the home to get the value of the property. And that’s going to be a big contingency as well beyond the inspection if the sale is going to go through or not. So what you can do sometimes be proactive and get the home appraised yourself.
So that way you know where the value would be. Now your realtor whether you get the home appraised before or not, they should be going over comparables that are most like your home to give you almost the closest idea of what your home may sell for along with what the value may be in the current market, based on the report they’ve given you and based on homes that are very similar to yours. Now this is going to be essential to price your home effectively, right? And this is great. However, there can be many instances where there is not much that is sold recently in your area.
There’s not that many homes like yours or a lot of comparables or homes that are farther away or they sold a long time ago. Obviously your realtor should be upfront with you and tell you that and just give you honestly with their knowledge of the area what your home would likely sell for. However, although your realtor may be an expert in that area, there’s a lot of realtors who are not experts and they’re just showing homes and writing offers. And if their client wants to do due diligence, do a comparable analysis report, that report may or may not show that your home is priced where it needs to be. So you don’t want to get a situation where your home is on the market longer than it needs to be because people are skeptical on if the value is really there for what you’re asking for.
So if you get the home appraised in this situation, that could be something that’s really going to help you get your home sold because then you can now say home appraised at the price that we’re selling it for. So that way buyers don’t feel that they will have to come out of their own pocket or the deal will fall apart because the home doesn’t appraise. So then another situation is they may just waive the appraisal, right? You’ve already gotten one done. They feel confident in your appraisal enough that they don’t feel that something is going to become an issue down the line.
For instance, if they have if you get multiple offers in the home which this could lead to a mulitple offer situation just because they know the home value is there, right? And so a lot of times people may waive the appraisal when they know that they feel confident that the home is going to appraise, so then you have less contingencies for someone else to get to appraise the home, and then it’s based off inspection once they waive that as well. So the main thing here is that if you are in a situation where you’re putting your home on the market and there’s not that many comparables that either supports your asking price or there’s not many comparables at all for where you’re looking to sell, then getting the home appraised will definitely help you move forward with getting your home sold for getting the price you want and for knowing that you can sell at the right price and the deal won’t fall apart due to appraisal. So if you have any questions, just leave a comment below or you can email me at [email protected]. Thank you and have a great day, bye!
This has been “Is It Good To Get Your House Appraised Before Selling?” by Patrice Henderson of Designed Living Real Estate. Be sure to subscribe to her YouTube channel for all your real estate tips, home tours and advice. Get your FREE listing consultation or home evaluation to find out if it makes sense to get your home appraised before selling.