You and your buyer have agreed on a purchase price for your home. All the bank’s paperwork is ready. All they are waiting for is the appraisal to be finished.
Sales Contract
There is an old adage in real estate; a home is only worth what someone else is willing to pay for it. As the home appraiser begins the process of determining the homes appraised value, the purchase agreement (also known as the sales contract) is used to establish the home’s worth. A home’s worth is established when someone (a buyer) agrees to pay you (the seller) a set dollar amount to purchase your home.
Comparable Homes Sales
Anytime a house is sold a record of the transaction is recorded at the county courthouse. Before an appraiser assigns a value to the property, he or she will examine similar homes that have sold in the past few months. Usually the bank will only accept homes in similar areas within approximately 15 miles of the home which have sold within the previous 6 month period. The appraiser will ultimately choose comparable homes that are much closer in both distance and time since sale. A comparable that sold last week with in 1 mile of the home will carry more weight than a house 14 miles away that sold 5 months ago.
Appraisers will also use the following in selecting comparables: lot size, upgrades in the home, square footage, condition, and year built just the name a few in establishing value. Appraisers will use a minimum of 3 comparables within their report.
Closing Remarks
As you prepare for the day the home is being appraised, there are a few tips you can use to help the appraiser out. Make sure the home is clean and clutter free, cut the grass, trim the trees and shrubbery, and have a copy of the sales contract readily available. Be prepared to discuss any repairs and renovations with the appraiser.
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