Whether selling Bellingham real estate, a home on the other side of the world in some exotic place, or Texas real estate, you’ll see the same basic rule: Buyers are going to second-guess what your home’s value acually is. That’s just the reality of buying and selling a home. After all, it is the largest investment of their lives.
There isn’t much more assurance a buyer can get than an uninterested third party validating your home’s price.
Because real estate involves such a large financial commitment, sellers can boost their home’s likelihood of selling by getting the opinion of real estate appraisers. Real estate appraisers have only one job. that’s to evaluate homes and they don’t have a vested interest in the home. What they are certified to do is provide an impartial estimate of the value, condition, and quality of the home. By paying for an appraisal in advance, you raise the odds that you get top dollar for your home because of what that unbiased opinion of value does for the buyer’s confidence that the home is worth what you’re asking.
During the inspection of the home, the real estate appraiser evaluates the quality of the home’s construction, the condition of the total property, and how dated (or outdated) the home may be compared to other homes that have sold.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 properties, past sales and leases, and any other transactions.
Pre-negotiate with the appraiser to make sure he/she will transfer the appraisal to the new purchaser.
If used properly, an advance home appraisal is a tangible 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 get some of your appraisal cost effectively reimbursed by simply transferring it to the buyer. 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, it’s possible that 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 this real estate market, buyers can walk away from a contract for any reason and, 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 increases the buyer’s confidence in your interaction with him or her, but it might put a few more dollars in your pocket to boot!