What You Need to Know About Your Home's Appraisal
If you are planning to sell your home or if you wish to apply for a home equity loan, getting your home appraised is a critical step in the process. By determining the value of your home, lenders can better determine how much they are willing to loan to you for an equity loan or home much they are willing to lend to a potential buyer. Nonetheless, many homeowners know little about the appraisal process or what it entails. While you certainly aren't expected to be an expert in home appraisal, it is good to know a few basics before you hire someone to provide a professional appraisal of your home.
Understanding the Appraisal Report
After the appraiser has walked through your home and made all of the necessary assessments, he or she will create an appraisal report. Generally, these reports are about two to three pages long, though it is possible or an appraisal to be more than a hundred pages long as well. Information that is typically included in these reports include:
Details about your home
A description of your neighborhood
Side-by-side comparison information of your home and other similar properties
An evaluation of the real estate market in the area
Information regarding any major problems with the property
By using all of this information, the appraiser is then able to provide an estimated value of the property as well as an estimate of how long it will take to sell the property.
Developing the Appraisal Report
In order to develop the appraisal report, the appraiser will primarily compare your home to the amount that similar homes have recently sold for. It is important to keep in mind that an appraisal is not the same as a home inspection, which is intended to determine whether or no the home is structurally sound. Rather, the appraiser is simply looking to identify any distinguishing characteristics of your home that can help select other recently sold homes that can serve as a point of comparison.
Obtaining an Appraisal Report
If you have recently purchased a home, you can obtain a copy of the appraisal report from your lender. Whether you realized it or not, you paid for an appraisal when you purchased your home and federal law gives you the right to obtain a copy of that report. If you purchased your home more than a year ago, however, you probably should obtain a new appraisal report in order to properly reflect changes in the market as well as any changes you may have made to the home.
Using Your Appraisal Report
Once you receive your appraisal report, you can use it to help improve the value of your home. Focus on any items that gave your home's value a negative adjustment and make any necessary updates or changes. This way, you can increase the value of your home and sell it at a higher price or receive a larger home equity loan if necessary.
About the Author: Shannon Kietzman is a well known author and trusted resource. Shannon regularly writes for http://www.electronicappraiser.com/, which is a leading provider of on-line home appraisals and offers a nationwide personalized instant informational report about home appraisal. For more information, please visit .
http://www.electronicappraiser.com.
Understanding the Appraisal Report
After the appraiser has walked through your home and made all of the necessary assessments, he or she will create an appraisal report. Generally, these reports are about two to three pages long, though it is possible or an appraisal to be more than a hundred pages long as well. Information that is typically included in these reports include:
Details about your home
A description of your neighborhood
Side-by-side comparison information of your home and other similar properties
An evaluation of the real estate market in the area
Information regarding any major problems with the property
By using all of this information, the appraiser is then able to provide an estimated value of the property as well as an estimate of how long it will take to sell the property.
Developing the Appraisal Report
In order to develop the appraisal report, the appraiser will primarily compare your home to the amount that similar homes have recently sold for. It is important to keep in mind that an appraisal is not the same as a home inspection, which is intended to determine whether or no the home is structurally sound. Rather, the appraiser is simply looking to identify any distinguishing characteristics of your home that can help select other recently sold homes that can serve as a point of comparison.
Obtaining an Appraisal Report
If you have recently purchased a home, you can obtain a copy of the appraisal report from your lender. Whether you realized it or not, you paid for an appraisal when you purchased your home and federal law gives you the right to obtain a copy of that report. If you purchased your home more than a year ago, however, you probably should obtain a new appraisal report in order to properly reflect changes in the market as well as any changes you may have made to the home.
Using Your Appraisal Report
Once you receive your appraisal report, you can use it to help improve the value of your home. Focus on any items that gave your home's value a negative adjustment and make any necessary updates or changes. This way, you can increase the value of your home and sell it at a higher price or receive a larger home equity loan if necessary.
About the Author: Shannon Kietzman is a well known author and trusted resource. Shannon regularly writes for http://www.electronicappraiser.com/, which is a leading provider of on-line home appraisals and offers a nationwide personalized instant informational report about home appraisal. For more information, please visit .
http://www.electronicappraiser.com.
Labels: appraisal industry, appraisals, home selling advice
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