Preparing Your Alexandria La Home For Appraisal
Thanks to aggressive marketing and spot on pricing, you found a buyer in less than 90 days. With the exception of a few minor repairs, the home inspection was a non-event. Time to sip champagne on the way to closing? Not so fast, your home must still pass an appraisal.
What is a home appraisal?
The appraisal is designed to protect the LENDER'S interest in the transaction. Based on what has recently sold in your area, the appraiser will decide if 1) the negotiated price is at least as much as the transaction price and 2) The home is in acceptable condition (terms vary with loan type).
How should the seller prepare his/her Alexandria La home for Appraisal?
- Clean from top to bottom--The home should be JUST as clean as the first day it was on the market. Like most other things in life, appearance matters.
- Replace rotten wood and address peeling paint--Peeling exterior paint is a great way to get a home red flagged. Want to delay closing for at least a week? Ignore the peeling paint!
- All home systems need to be in working order--Did your Air compressor grow legs and run away? If so, it will likely need to be replaced
- Justify your crack--Got cracks in the brick veneer and doors that won't open or close? Odds are the appraiser will call for an engineer's report. Already have one? Inform your agent and leave a copy in plain sight
- Don't interfere with the appraiser-- Once a seller "hung around" during the home appraisal. To save the appraiser time, my seller provided his own comps. One of the homes had closed three years ago, another comp was from Lake Charles!
The best course of action is to take these steps prior to placing your Alexandria, La home on the market. The same steps that help your home attract buyers will likely make the appraiser smile as well. Now about that champagne...
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