Mastering The Home Appraisal Process: 3 Pro Tips for Sellers
So, you've got your home under contract, boxes are stacking up, and now you're eagerly awaiting the buyer's appraiser. But what's the game plan? What can you expect? Take a deep breath because the Cole Team, one of Georgia's Top Real Estate Teams, is here with 3 golden nuggets that will help you navigate this process with ease.
Setting the Stage for the Appraisal
Before we delve into the tips, let's paint the picture for the appraisal visit. The buyer's lender is the one who hires the appraiser to assess your home's value. This step is crucial, especially if your contract depends on the home appraising at the sale price. A low appraisal could lead to price negotiations or even the buyer backing out. So, you definitely want this to go well.
Tip 1: Document and Showcase Upgrades
Now, let's get into the nitty-gritty. If you've made upgrades or improvements to your home, be sure to document them. Whether it's a new bathroom, a renovated kitchen, or brand-new flooring, create a detailed list. If you have official records of these upgrades, even better! The goal is to provide the appraiser with a clear understanding of your home's value-boosting improvements.
Tip 2: Share Comparative Properties (Comps)
Next up, supply the appraiser with comparative properties, commonly known as "comps." This information helps the appraiser understand your home's market value. If you have a real estate agent, they'll often present this data in person or share it ahead of time. It's crucial to find comps that closely resemble your home in terms of location, school district, and property type. Appraisers typically focus on properties sold within the last six months.
Tip 3: Provide a Copy of Your Sales Contract
Hand over a copy of your sales contract to the appraiser. This document gives them comprehensive insight into the terms of the deal. It helps them understand the agreed-upon purchase price and any contingencies that might affect the appraisal.
Bonus Tip: Consider a Pre-Listing Appraisal
Here's a bonus tip to keep in mind. Consider getting a pre-listing appraisal. Interestingly, all our clients who've done this have had smooth sailing when it comes to appraisals matching the sales price. It's not a requirement, but it can certainly streamline the process and boost your confidence.
Wrapping It Up
Voilà! Unveiling our top 3 insider secrets for mastering the home appraisal process! With savvy preparation and your dream agent by your side (yes, we're looking at you, The Cole Team 😉), sailing through this process becomes a breeze. We're dedicated to guiding you smoothly at every turn. Why wait? Let's chat today and make your real estate journey an extraordinary one!