Myths and Facts About Appraisals

In order to sell your home, youโ€™ll have to have it appraised. Even if your home is very similar to the one up the street, it may have a different valueโ€”and understanding why appraisals come out the way they do can be confusing.

Myths and Facts about Appraisals

Most people donโ€™t have to deal with appraisals very often. There are plenty of myths floating around, so weโ€™d like to help you get ahead of the game by clearing them up.

Appraisal Myth #1: Cleaning your house before the appraisal can help raise the value the appraiser puts on it.

Fact: Appraisers arenโ€™t looking at the dust on your entertainment center or the trashcan you didnโ€™t have time to empty. Theyโ€™re looking at the bigger picture, scanning for chipped paint, torn carpets and appliances that donโ€™t work.

Appraisal Myth #2: If you hire the appraiser, he or she is โ€œon your team.โ€

Fact: The appraiserโ€™s duty is to the lender. Yes, the appraisal provides you with the information you need to price your home properlyโ€”but in the end, itโ€™s the bank that needs to rely on his or her professional opinion.

Appraisal Myth #3: An appraisal is the same thing as a home inspection.

Fact: Itโ€™s not the same. The appraiser figures out how much the house is worth so the lender knows how much money they can afford to lend a buyer, and a home inspector explains the condition of the home to the buyer.

If youโ€™re not sure about what happens during an appraisal, or if youโ€™d like to get more information, call us at (610) 608-3119 or contact us online. We have years of experience selling Main Line homes, and we work with qualified buyers who are actively searching. Weโ€™d love to help you.

 

Links:

How to Price Your Home

The Home Inspector is Coming

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