702-379-3401
www.DaveRadcliffeVegas.com
Preparing Your Home for the Appraisal
Dave
Radcliffe of The Radcliffe Group at Keller Williams Realty Southwest discusses
what the best practices for preparing your home for an appraisal are with Kelly
T Wade, SRA of Wade Valuation Services. Kelly is a provider of real estate
appraisal, appraisal review, and consultation. At Wade Valuation Services,
Quality, Integrity, and Respect are more than rhetorical statements; with 30+ years
of professional appraisal industry experience and proven results, Kelly is
someone that Dave trusts and recommends.
Our goal at
The Radcliffe Group is to help you present and sell your property for the best
and highest price, eliminating all real estate nightmares. There are a few key
things you can do to Prepare Your Home for the Appraisal.
Understanding
a few key real estate terms is helpful:
What
is an Appraisal?
An appraisal is a written justification of the price paid for a
property, primarily based on an analysis of comparable sales of similar homes
nearby.
Is a Home Inspection the same thing as
an Appraisal?
No- A home inspection is a thorough
inspection by a Home Inspection professional that evaluates the structural and
mechanical condition of a property. A satisfactory home inspection is often
included as a contingency by the purchaser.
Who is an Appraiser?
An appraiser is an individual qualified by education, training, and
experience to estimate the value of real property (and personal property).
Although some appraisers work directly for mortgage lenders, most are
independent. Most realtors are not Appraisers.
What is the Appraised Value?
The appraised value is an opinion of a property's fair market value,
based on an appraiser's knowledge, experience, and analysis of the property.
Since an appraisal is based primarily on comparable sales, and the most recent
sale is the one on the property in question, the appraisal usually comes out at
the purchase price.
What is the
best way to prepare for an Appraisal?
Step one and
most important, make sure the home is listed with a qualified agent. Your agent
will suggest any necessary major repairs that should be completed before
appraisal. Often these repairs are suggested before listing the home or before the
home inspection, that way, come time for a buyer to view your property they see
the best possible home you can offer. Be sure all repairs are complete before
the appraisal, as the appraisal will be the final word on the homes valuation.
An appraiser
is looking at the house, not furniture or personal property, it’s a visual
inspection to make sure the home is inhabitable and priced correctly for
lending and resale purposes. Different loan types have different requirements
for appraisals, the rule of thumb is make sure there are not broken windows, broken
exterior door locks, safety issues or missing straps on the water heater. The
appraiser is doing a visual inspection looking for safe and sellable;
structurally sound plumbing, doors, windows, and garbage disposal. He will
compare these features and other upgrades to comparable properties in the neighborhood
to determine your home’s value. When it comes to condition, cleaned up, looks
nice and helps him feel comfortable when determining the market range vs. a
home where this feel in disarray which can affect the price. Sold properties nearby
will help the appraiser compare data to determine the value.
Avoid Re-inspection
fees, and follow your Realtor’s instructions prior to the appraisal to yield the
highest value when selling your home.
If you have
more questions on how to prepare for the appraisal process, give us a call we
are happy to help! The Radcliffe Group is your Las Vegas, Summerlin,
Centennial
Hills, and North
Las Vegas real estate connection. Ranking consistently as one of the top
real estate teams at Keller Williams Realty Southwest Las Vegas, Dave also
ranked number 1 in 2014 as the top producing individual out of 172 Realtor-
Agents in his office. Specializing in helping Las Vegas and North Las
Vegas homeowners
sell their home for the highest market value, Dave and his team will help
you yield your highest profit. Call 702-379-3401 when it is time to sell your
Las Vegas, Summerlin,
Centennial
Hills or North
Las Vegas Home.
Thank you
for tuning in, subscribe
to our YouTube Channel and check out our Las Vegas Real Estate Blog at: www.DaveRadcliffeVegas.com
Written by Nickel Lowman
For Dave Radcliffe
With definitions from RealEstateABC
The Radcliffe Group
Keller Williams Realty Southwest
702-379-3401
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