Selling a home? How to pass an Appraisal?

One of the most common questions we get asked by buyers and sellers is... what do appraisers look for in a home? Here's a bit of information and read the attached flyer which has some good info on it.

The most important thing to remember is this, appraisers are not home inspectors. Their role is not to tell us what needs fixed. However, if they see something that looks faulty, needs repaired or might not meet loan guidelines or standards, they can ask for inspections or repairs to be completed. For example, if a room does not have a direct heat source, the appraiser may call for baseboard heat to be hard-wired into the room. Or if they see water stains in the exterior corner of a ceiling, they may ask for an inspection to find the source of the water and is it an existing condition that needs repaired?

Their primary goal is to tell the lender the estimated value of the property, based on similar or "comparable" homes in the area that have sold recently. If you are selling a home, it's important to hire a really good Realtor and listen to them in regards to getting your home in the best possible condition so you can get Top Dollar when selling.

Click on this article link, it will give you some more information on what appraisers look like and please note, different loan programs have different appraisal guidelines too.

 All the best... and when you have questions about buying, financing, PreApprovals, interest rates or anything related to your home purchase and sale, we're here for you.

Enjoy the day,

Ken Pederson
NMLS: 134943
Jumpstart your Pre-Approval at KenPedersonLoans.com