| Who should pay for the appraisal of the home you're selling? |
| Whether it's Vienna VA real estate, a villa in that other Vienna, or Abilene Texas real estate, you'll run into the same problem: The buyer of your home-sweet home is going to question your asking price, no matter how much you think it's worth. It's just the way people are. After all, it is the most substantial investment of their lives. |
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Nothing reassures buyers more than an unbiased third party certifying your
home's value.
Because real estate involves such
a large amount of money, sellers do well to get the advice of real estate appraisers. Appraisers are third party real estate experts and they don't have a vested interest in the deal. Their job is to provide an impartial estimate of the value, condition, and quality of the home. By getting an appraisal in advance you ensure that |
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| you get top dollar for your home |
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because of how that appraisal will give the buyer a better feeling about the home's
true value. |
While inspecting the home, the real estate appraiser judges how sound the construction of the home is, the condition of the total property, and how dated (or outdated) the home may be compared to other homes that have sold. They assimilate data on the entire property by making notes and searching public records for the details of other property assessments, past sales and leases, and any other transactions.
Pre-negotiate with the appraiser for a transfer of the appraisal to the new purchaser.
The home appraisal is a valuable asset that is part of the home, but it loses its value to the seller as soon as the home is sold. Why not offer that appraisal to the buyer? The borrower would save $300 to $700, which, in turn, can help you increase your odds of putting a deal together in the first place. In addition to helping reassure the buyer of your home's worth, you can expect to get some of the cost of the initial appraisal returned to you by giving it to the borrower. In addition to saving the buyer money, you also guarantee that the loan won't fall through because of a different (lower) appraisal, because if the borrower hires their own appraiser, there's always a chance that appraiser won't think the home is worth what they're paying.
For a very small charge, usually $25 to $50, you can have the appraisal transferred to the new owner. In today's highly competitive real estate market, sellers must use every tool possible to make sure their deal makes it to the closing table. Getting an advance home appraisal is a good, inexpensive incentive you can throw into the deal to show your good faith and cooperative spirit as a seller. It not only raises the purchaser's level of trust in dealing with you, but it might put a few thousand extra dollars in your bank account as well! |
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| Denny Horner |
| 703-629-8455 |
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