Steps in Appraising a Home A home appraisal is an impartial estimate of the true value or fair market value of the worth of a home, which is evaluated by a licensed, real estate appraiser. A licensed, real estate appraiser is usually hired by a lender or by a lending institution to conduct an estimate appraisal of the market value of a home, which a home buyer intends to acquire by loaning a certain amount to the lender or lending institution, and the appraised market value of the home will serve as one of the basis for a lender to determine if the loan amount being requested is appropriate. With years of experience in real estate property appraisals backed by a rigorous training, exams, and required continuing education of property appraisal, these are the academic and skills’ qualifications of a licensed, real estate appraiser who determines the value of a home, fairly and , and, at the same time, he is also required in his appraisal report to substantiate every finding that could influence a home value. The appraisal includes the following: the home’s physical characteristics – age, square footage, number of bedrooms, baths, lot size, location, view points; observable condition of the home; recent sales information on similar properties; and how the neighborhood and community impact the home’s value.
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For a home seller to be able to increase his home’s appraised value, here are some practical tips to note down: patch cracks on walls, repaint water-stained walls, wash and dry soiled carpets, hire pest terminators to eliminates house pests; since appraiser often value a home in $500 increments, make house repairs worth over $500, like fixing leaky faucets, broken windows and cracked ceilings; check the garden landscape and hire a gardener for some maintenance services, most especially on greening the lawn so the landscape and garden will look warm and pleasant; itemize every improvement done, note down the date of repair through the years and how much were the costs because these information will help much in the appraisal of the home; inform the appraiser of new and positive developments in the neighborhood and community, such as construction of a new school, a supermarket, or new roads; allow for new paint coatings of the interior walls and the exterior side to make the home look new again.
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If the appraisal report is not to the satisfaction of the home seller, the report can be challenged by the home seller, especially if there are inaccuracies found or the report is incomplete; however, lenders or a lending institution do have their own internal review system that is able to catch discrepancies, but any additional information that a home seller can give to the lender will help.