Selling your Westfield home involves several crucial steps. First, you need to find the right Westfield REALTOR@. Then, you need to determine an appropriate list price. After you hold open houses and/or private viewings, you'll accept an offer from a buyer and open escrow. At some point, an appraisal will be performed. This determines your home's fair market value and can make or break a home's sale. Here's what you need to know about the Westfield home appraisal process.
The Westfield Home Appraisal Process
Appraisal vs Inspection
First things first, a Westfield home appraisal is not the same thing as a home inspection. An inspector physically assesses your home and its systems to make sure everything is in good working order. They look for possible maintenance issues and point out potential problems. An appraiser determines your home's fair market value based on its size, any upgrades included and the features offered in comparison to other homes in your neighborhood. As a side note, it might be a good idea for you, as the seller, to obtain a home inspection of your own before you list your property. That way, you can fix any potential problems the inspector may point out before a buyer sees it. It also gives you the opportunity to make sure your Westfield home is in tip-top shape when the appraiser comes by.
Who Does the Appraiser Work for?
Even though the buyer pays for the appraisal, the lender is the boss here. They use the appraiser's report to determine whether or not your home's value justifies the amount the buyer will be borrowing. If the fair market value comes in under the amount the buyer wants to borrow, then the buyer will need to make up the difference themselves. Or, they may want to renegotiate the sale price with you.
Appraised Value Means Real World Value
That's not necessarily. The appraised value is an arbitrary number based on one appraiser's educated opinion. In reality, the market is determined by buyers and sellers. Buyers decide what price they're willing to pay. Sellers decide what price they're willing to accept. If buyers aren't willing to pay what a seller lists their home for, then it's not necessarily worth that amount regardless of what the appraiser reports.
Waiting for the results of a Westfield home appraisal can one of the most nerve-wracking parts of the entire home buying process. You want your home to be worth what you're selling it for so that it doesn't present a hurdle for the buyer. But you also don't want to sell yourself short and lose money. Contact me when you're ready to put your Westfield area home on the market. I can help you make your entire transaction run as smoothly as possible.
Scott Gleason, CRS at RE/MAX Select, Luxury Homes
Originally posted on my Westfield area luxury real estate blog here: http://www.luxuryhomesnj.com/westfield-seller-tips/westfield-home-appraisal-process/.
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