Having your property appraised is one of the most important steps in selling your home. An appraisal is used to determine the value of your home and to help your decide on an asking price. Having an appraisal come in low is one the key factors in most contract cancellations. In order to help your home appraise for the highest possible amount, we are going to provide you with some helpful tips to help increase your appraisal.
- Check Local Comps ‚Äì It is one of the appraiser‚Äôs responsibilities to obtain comps that are similar to the location, size, condition and age of your home to help determine an appropriate value. But you can do some research on your own prior to the appraiser showing up, gather about six comps and share them with the appraiser. These comps may be different than what he found and can help increase the value of your home.
- Talk With Your Neighbors ‚Äì It is not uncommon that people living in your neighborhood may be aware of pending sales or properties sold by an owner without the help of a real estate agent. These properties may not show up in any of the databases as comparable properties, which is why you should bring them to the attention of your appraiser. You should ensure that your appraiser is looking at comps in the correct area, sometimes appraiser make mistakes and look in areas that are not even close to yours.
- Showcase Your Improvements ‚Äì The first thing an appraiser does is come to your home to inspect its condition. Knowing what makes your home stand apart from others similar to it can help you increase your appraisal value. If your home has an extra bedroom or finished basement be sure to point out any and all improvements in your home. Don‚Äôt forget the view; if your home features better views than others in the neighborhood be sure to point that out. Also, don‚Äôt forget the yard, if your yard is one of the biggest on the block it can dramatically increase the appraisal of your home.
If you should happen to receive an appraisal that you feel is too low you always have the option to file an appeal. Many lenders offer an appeals process, but to be successful in your case you will need to have substantial information supporting your case. In order to win your appeal you will need to prove that there were errors made by the appraiser or that they simply didn‚Äôt include all of the relevant information regarding your home in the valuation of the property. If you are still unsatisfied with the results you have the option to take your case to your state‚Äôs appraisal board.