Do you need to prepare for a home appraisal? If yes, we are here to let you know what to expect and how to prepare.
An appraisal is defined by the Appraisal Foundation –USPAP (Uniform Standards of Professional Appraisal Practice) as “ The act or process of developing an opinion of value.” This valuation will determine your property market value – an estimate of what your home would sell for in the real estate market.
We understand this process can bring about much apprehension. We are here to give you a few tips to get an upper leg on your valuation:
What is a Home Appraisal?
A home appraisal is the process of a professional surveying your property for value. A bank often does it when a home needs to be approved for a loan. The home appraisal is a very detailed report, which includes the following information:
- The condition of the home, the neighborhood
- Homes similar to yours selling price
- How quickly would a home like yours sell in the market
It is important to know that an appraisal is not a home inspection. During an appraisal only major concerns are reported. Your home will not be examined for its full condition such as your roofing and appliances.
How is the Home Appraiser Picked?
Your lender chooses the home appraiser and the lender can either have its own appraiser or contract an independent party.
How To Prepare For A Home Appraisal
You should prepare for your home appraisal the same as you would prepare for a home sale because you are preparing for the re-selling of your home. Have all major maintenance completed. Clear and trim your yard. Paint your interior. Allow the appraiser full access to your home. Be kind and let the appraiser know about any new additions such a new windows, new flooring or a finished basement.
If you have any questions on Home Appraisals , please contact Jeremy Walsh Real Estate by calling 443-610-5722 or click here today!
You need to be exclusively represented and have Jeremy Walsh (located in Baltimore, Maryland) on your side to handle all of the important details for you!