In the current Real Estate, real concern exist about homes not appraising. I recently spoke to a loan officer, He shared with me that two buyers properties did not appraised. This is concern of most homeowners and buyers in the current real estate market today.
Real Estate values have decline drastically in the last 4 years that lenders and appraiser are Paranoid that the value does not exist in a property. In the old days the house was worth what a buyer was willing to pay providing there were sold properties to back up the value.
In some neighborhoods the real estate values encompasses so many REO (Bank-Owned) or Short Sale properties being sold. It is hard to ascertain a true value when they is little Fair market property that has sold.
Some buyers prefer to buy a house that has been renovated or updated. A picture is worth A thousands more than words. If buyer goes in home that is more desirable they can picture themselves living in that house.
Today the market is more active with buyers, but the lenders and appraisal have not caughtup in some areas. All real estate and areas are not equal in value.
Here are Five Tips on helping to get a Higher Appraised Value
- Provide a list of Home Improvements for the Appraiser
- Have a list of comparble homes within mile that are similar to your property
- Home Improvements that add value:Granite Countertop;New Countertops,Hardwood floors
- Ceramic Tile,New Cabines, New Stainless Steel Appliances,Light fixtures;Faucets
- Additional Square Footage:completion of bonus room;attic
- landscape lawns and painted front entrance: curb appeal
The Best defense is to be prepared when you meet the appraisal. So you or your real estate agent can provide this information to the appraisal.
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