One Genesis

Advice for Accurate Appraisals

Written on August 13, 2009 – 1:09 am | by admin

The new housing market regulations that require many lenders to utilize independent appraisers have helped to minimize the chances of a home’s value being overestimated to favor a higher mortgage. However, although an independent appraiser has no conflict of interest that would motivate him or her to undervalue your home, the increased work load and high pressure to turn out appraisals quickly and cheaply may negatively influence your home’s perceived market value. Keep this phenomenon from impacting the sale of your house by implementing this key advice from experts.

One method that all appraisers use to determine market value is comparing your home with other similar houses that have recently sold. But because homes regularly sell below their true value in order to accommodate a seller’s need to speed up the sale, rushed research may unfairly influence your appraisal. Enlist a real estate agent to investigate any extenuating circumstances behind the sales of houses being compared to your own, and politely pass this information on to your appraiser. Also, make use of how well you know your home. Only you know every advantage it boasts; type up a clear list of the attributes and improvements that will positively influence your appraisal.