A Lender’s Appraisal Does Not Care About Your Upgrades
This is something to keep in mind when selling your Roanoke VA area home....unfortunately, lenders and appraisers don't really care about upgrades in and around your home....they simply look at homes as boxes with rooms and they compare the boxes with rooms.
Buyers on the other hand do care about your upgrades and those upgrades and the care you give your home makes it much more Saleable. I hope this helps.
Do you feel that pricing a home is a little like throwing darts these days? Sometimes you hit, most times
you miss?
At the end of the day Realtors have a next to impossible job trying to help clients price their home. I don't think I ever met anyone that wants to lose money but most homes we price today should reflect a lower price than a few years ago. Now I'm on the mortgage side of things but I hear the same things. My house is worth XXX,XXX due to:
"I have nicer landscaping."
"I just replaced the carpets."
"I just repainted the walls."
"I just had the bathroom toilet fixed."
"I had my furnace replaced last year."
Realtors work very hard with comparables, pictures and stats to help support the price. I'm not saying that these upgrades are not important. They just don't really add value. They add eye and curb appeal to help a potential client say yes to the listing.
What goes into a Lender's Appraisal?
For Fannie Mae, Click here
For Freddie Mac, Click here
For FHA, Click here
Most homes are financed. So these appraisal standards are important when you price. Remember we are in a Lender's Market. Nothing will turn a buyer off more than working hard on a price agreement only to find out the appraisal comes in short. So to best serve our clients remember that most of the weight for your pricing strategy must be Lender comps.
At your service,
Tony Grego
Senior Mortgage Banker American Bank - Indianapolis, IN Branch
www.getmyratequote.com
www.tonygrego.com to learn more about me317-348-0280 direct line
317-536-3754 fax
"Bankers with vision, helping people with dreams!"
Comments (1)Subscribe to CommentsComment