Appraisals have become a big piece in the home buyer’s puzzle. But what exactly is it?
An appraisal is simply an estimate or valuation of the overall worth of your future home. This is usually required by lenders since the home more than likely serves as collateral. The appraisers take many things about the property into consideration.
For example, they provide an estimate of how long it would take to sell your home, compare it to other homes within the surrounding area, take note of any home improvements and gain knowledge on the structure of the home.
So what can you do to improve your appraiser’s review? Small touch-ups such as chipping paint may be a quick fix but it might not make/break your appraisal. The wisest thing to do is to help the appraiser do what they are there for. Keep a list of any procedures or updates that have been done to the home. Have a few homes around you been sold lately? Give this information to the appraiser! They have to take in the specifics of your home as well as the location. You don’t want them to miss something that may improve your report!
In most cases, an appraisal can take a few hours and then a report is created within seven days.
Remember, information is never a bad thing – it’s what you do with it that counts! If you happen to get a report you aren’t fully satisfied with, you are now able to focus on the things that will strictly increase the value of your home. However, if you are satisfied with your appraisal then you are that much closer to the final sale of your home.
Title Junction is a full service real estate title companyserving the area of Fort Myers, Cape Coral and the entire state of Floridasince 2005. The company handles a number of real estate title services for bothcommercial and residential properties. Employees of Title Junction can also actas a witness in courtesy closings as well as an escrow agent or a notarypublic. Please contact Jennifer Ferri of Title Junction, LLC for furtherinformation @ 239-415-6574 or www.title-junction.com.
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