I am excited that we are having our first event in Sienna Villas on the Island. Over the last week and a half that I have been out here, I have had numerous visitors from other parts on th country
If Your Home Is Being Appraised You Need To See This
Since our Lake Havasu City market has increased by 11% in the past year, Many home appraisals are not meeting value.
I wanted to give you 3 helpful tips that will increase your chances of getting your home to meet value.
1. Property condition- Its very important that your home is in good condition at the time of the appraisal
With the market being up your listing agent will want to bring you the highest offer that they can. That is why it is a good idea to get a home inspection prior to listing your home. When completed the home inspector and your agent can give you proper guidance on who you can use to get your home in tip top shape, ready to sell and ready for your appraisal. When the appraiser comes to your home. Present the home clean, and at a comfortable temperature setting so they know the Air conditioner is working properly. Here are a few things that an appraiser might make a note of in the appraisal.
Possible mold growth
Drywall damage inside and out
Missing carpet or unfinished flooring
Roof repairs or missing shingles
Water leaks and stains
Non functioning Air conditioner
Foundation or structural issues
Exposed electrical outlets and wiring
Leaking sprinkler systems
Believe me , you do not want these things noted in your appraisal. Once noted the Lender decides what specialist goes out to your property to remedy the issue and this could cost you thousands or the sale!
2. Provide Data
It’s a good practice to provide comparable home sales and a list of upgrades and additions to your home. Comparable home sales should be within the last 6 months, and should be in a similar area, similar sq footage, have similar amenities and be a similar age. and upgrades to your home should be within the past 5 years.
NOTE: un-permitted improvements have little to no value.
3. Have a game plan
It is also good practice to have a game plan before the buyer pays for an inspection and an appraisal. I have never had a case where the seller wants the buyer to lose money. Sometimes the buyer and the seller will meet in them middle to resolve the appraisal issue, sometimes one party or another cannot move and the deal will fall apart.
Written By Chad Nelson