A home appraisal is a market valuation of real estate or property by a professional. Before a bank or lender will invest their money in your home loan, they will require an appraisal to ensure the property is as valuable as you say it is. The collateral for the loan must be valued at no less than the amount of the loan you are requesting. The bank will usually choose the appraiser if you are buying. If you'll be selling your Seattle home, you can hire an appraiser to help set a price. To get a home appraisal, follow these steps.
Instructions
1. Interview appraisers, seeking one with experience appraising real estate in your anticipated price range and area.
2. Check with the Washington State Office of Real Estate to ensure your chosen appraiser has a valid, current license.
3. Ask about rates and timelines. Timelines should include how long the appraisal will take, how quick an appointment is available and when the report should be ready.
4. Before the appraisal, clean and repair the property. Scrub dingy areas and remove clutter both inside and out. Touch up paint where needed, repair any woodwork in disrepair and fix leaky faucets. Spend a few dollars on flowering potted plants to dress up the entry ways.
5. Make sure all parts of the house and property are accessible. They will need to see the inside as well as out, so keep all entries and exits easy to get to.
6. Upgrades like recently replaced wood floor or carpet, heated floors, new wood stove or solar power capabilities may not be part of the closing record but can significantly alter the selling price of a home. Make sure you let your appraiser know about these. A bullet-point list of improvements and upgrades is handy to have, if you have time.
7. Be on time to your appraisal appointment. Professionalism on your part will reflect positively on your report.
8. Require a completed report before full payment. You may be asked to pay a partial payment upon appraisal but a true professional will wait until they have completed their research and valuation before submitting a bill to you.
9. Inform your appraiser if a home in your area sold far under or over market value and why. Upgrades like recently replaced wood floor or carpet, heated floors, new wood stove or solar power capabilities may not be part of the closing record but can significantly alter the selling price of a home.
10. When your report is completed, make sure there are at least three market comparisons that are similar to your real estate included.
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