In this video segment our team educates home buyers about the all important appraisal.
This home-buying process video covers the basics of the 5 Ws of appraisals
1) Who is the appraiser
2) What is an appraisal
3) Why do I need an appraisal
4) Who pays for the appraisal
5) When does the appraisal take place
We describe the appraisal report and how appraisers make positive and negative adjustments on your property as compared to recently sold similar homes to come up with an appraised value.
Finally,we discuss the three options the buyers and sellers have when an appraisal comes in below the agreed up selling price. While we as agents cannot determine the appraisal outcome we do believe that if buyers understand the process and the options they have up front they are better able to make rational decisions once the appraisal comes in.
On the flip side when working with sellers we prepare our sales analysis report (Comparative Market Report) using similar criteria to appraisers so that sellers are aware ahead of time which homes appraisers are likely to use as the "Comparable Sold Homes". This helps set the stage for appropriate pricing to begin with knowing that other similar homes have appraised for that amount.
When you are ready to buy a home in Northern Virginia feel free to use our website to not only search for homes in Northern Virginia but also to view educational videos on the entire home buying process.