How to Appraise Your Home When You Are Ready For Moving
A relocation appraisal is a highly educated estimate of the most probable sales price at which your home will sell in the current market within a reasonable length of time based on market data (sales comparisons of houses of similar value in your community).
The appraiser will inspect your home and property, analyze the factors that influence the market in your area, and estimate a market value for your home. Since market conditions and housing prices fluctuate over time, this appraised price will be valid only for a specific period of time. The appraiser will then write a professional appraisal report and present it to you or to your relocation company for review.
1. To provide the best market value for your home, obtain at least two appraisals ol your home.
2. Sometimes an average of two or more appraised values is used to determine the final offer price to you.
3. An additional appraisal may be necessary if there is significant discrepancy between the lists of two appraisals.
4. The relocation company will provide a list of appraisers belonging to nationally recognized professional appraisal associations and holding professional membership designations.
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5. You can choose two appraisers from this list and also get advice from your real estate agent as to which appraisers he or she would recommend.
6. To obtain a free copy of the Appraisal Institute’s National Directory of Members, its education and publication catalogs, or additional information on membership, contact the Appraisal Institute.
7. The report will be presented to you or to the relocation company. If the report is presented to the relocation company, a copy will be sent to you.
8. Review the report to make sure you agree with the final analysis.
9. The relocation company will then present a bona fide offer to buy your house based on these appraisals.
10. You must accept or decline this offer by a specified date.
How to Help the Appraiser
By having on hand the following additional information and records, you can help the appraiser arrive at the most accurate sales price for your home.
– A plat plan or survey of the house and land.
– A copy of your house blueprints, if available. The appraiser can take measurements from these plans instead of measuring every room and the outside of the house and property. This will save a lot of lime.
– A copy of your homeowners’ association manual, if applicable, and a
statement showing the amount of your monthly homeowners’ dues.
– Your properly deed, which contains a legal description of the property
– Your most recent real estate (property) tax bill.
– The Realtor’s sales sheet or brochure.
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– A tactual record of recent sales and listings in the neighborhood, which can be verified by the appraiser. Ask your real estate agent to provide this list.
– Your title policy describing any encroachments.
– A list of personal property to be sold with the house, if any.
– A “brag sheet” listing major home improvements made since you bought the house, the date of installation, and their costs.
– A list of house amenities and appointments that highlights the exceptional qualities of your home.
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