What is a Home Appraisal?
A home appraisal is an estimate of
a home’s value. To find out a home’s value the appraiser is looking at the key
characteristics of the property including location, square footage, number of
bedrooms and bathrooms, condition of the home, current recently sold
comparables that are close in proximity and health and safety issues.Why Do I Need a Home Appraisal?
Home Appraisals for buyers: When buying a home in St. Louis or St. Charles
County areas and throughout the U.S., mortgage borrowers will be required by
their financial institution to complete a home appraisal in order to be qualified
for a mortgage loan on the property.
Home Appraisals for Sellers: Sometimes
an appraisal before listing your home for sale can provide valuable insight as
to the pricing.
When Do I Get a Home Appraisal?
What can make a home appraisal a
tense time for all parties in a sales transaction is when they are performed. The
buyer’s financial institution orders the appraisal from an independent party after
you've negotiated a price, agreed to buy or sell the house and signed the
contract. So it's in everyone's best interest that the appraisal is close to
the price that both seller and buyer have agreed on.
What is the Cost of a Home Appraisal?
In Missouri a home appraisal can
cost $300-$400. The cost usually falls on the buyer but can sometimes be
negotiated when closing on the home.How Long Does The Appraisal Process Take?
An appraisal should be requested
soon after all parties sign the home sale contract. Once an appraisal is
performed, underwriters can request additional information about the house than
they could in past years, and gathering that data and photos can take up to a
few weeks.
What Can I Do To Improve a Home Appraisal?
As a homebuyer, there is nothing
you can do to help a home appraisal. As a seller, there are a few things that
can help:
- Make the property as pleasing as possible by cleaning the home and trimming the yard.
- Make any necessary fixes to the property.
- Make a list of repairs and improvements that have been done to the house over the past several years. Note anything you can think of and give the list to the appraiser. The appraiser will decide what is important to the value.
How Do I Order a Home Appraisal?
When you buy a home with The
Boehmer Team, we work with your lender to get them the information needed to order
the home appraisal for you. This is just one more way we make your sales
transaction smoother.
The Boehmer Team is Here to Help
The Boehmer Team is a team of
experienced agents working to assist homebuyers and sellers in the St. Louis
and St. Charles County areas of Missouri. We know how to make a daunting home
buying process a great experience. We are always available for your questions
about the home buying and selling process. You can find more great information
online at www.TheBoehmerTeam.com.
Additional References:
http://money.usnews.com/money/personal-finance/articles/2015/08/20/what-you-need-to-know-about-home-appraisals
