Finding a buyer for your Pineville home is simply the first step. Most sellers understand the importance of buyer loan approval, home inspections, and title work. A "surprise" in one of these areas can bring the escrow process to a halt. Yet there is one more that sellers often overlook, the dreaded home appraisal!
Before a bank will sign off on a loan, the property must pass an independent home appraisal. This service is designed to protect the bank's interest, not the buyers. As such the house must meet be worth the asking price, AND meet certain condition requirements. Price is simple enough either the home is worth the asking figure or it is not. Condition can get a little tricky. Here are some items that can "red flag" a home appraisal.
1) Peeling Paint-- No, the home does not have to sport a fresh paint job, but the exterior should be free of peeling, or chipping paint.
2) Rotten Wood-- Water and wood are not friends. Look for rotten wood anywhere along the exterior that is exposed to the elements.
3) Missing or Inoperable systems-- Getting a rural development or FHA loan? If so, that home better not be missing the outside ac unit. With the high price of copper, missing or stripped AC units are common in vacant properties.
4) Cracks in the Brick-- Does your home have the "stair-step" crack lines along the exterior? Expect to pay a structural engineer to sign off on the stability of the home.
5) Any Cases of "Old Man" engineering-- I've seen garden water hose used as piping, a roof patched with a piece of tire, and many other things that are not up to code. No of which made it passed a professional appraiser.
The appraisal process is designed to insure that the home is more asset than liability. Frankly any of the above items are good things to address regardless if you home is for sale or not. The home is likely your biggest asset, take care of it!
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