How Much Life Insurance Do I Need?Start by calculating your long-term financial obligations, then subtract your assets. What's left is the gap that life insurance will have to fill.You can’t
Jan 13 2018 53815 1
Dated: January 13 2018
Home Appraisals 101: 5 Things Appraisers Wish Sellers Knew
Home appraisals are a piece of the selling process where you may have to let go of the reins. Lenders often require the use of their own, FHA-approved home appraiser. That means you get zero say in who's determining the financial value of the home you've lived in, loved, and sunk your savings into. The appraiser won't know what your home is worth the second he walks in the door because home appraisals aren't magic. A good understanding of the home appraisal process will go a long way toward comprehending how your home's value is determined.
1.First, a home appraiser will pull comparable listings (called “comps”) from the nearby area. These are homes similar in style, location, and footage sold within the past few years. Then, he or she will come by your house to determine its condition and quality, as well as any other factors that would affect the cost of the home, and use that information.
2. the home appraiser isn't coming by to judge the cleanliness of your homestead — but it's still good form to declutter, dust, and mop beforehand to show your home in its best light.
Also, make sure the occupants of your home are prepared for the appraiser's arrival, including teenagers who tend to stay holed up in their rooms.
"And make sure everyone's clothed," "Sometimes, they forget to tell the teenager."
3.Before any and all home appraisals, gather all the information you have about the house and send it over. Most appraisers will ask for this upfront, either directly or through the lender or broker.
4.We're sure your brand-new kitchen is stunning — but don't be surprised if it doesn't proportionally raise your home's market value when it comes to the home appraisals. As for your finished basement: Sorry, but that's even less help. Most home appraisers use ANSI standards for measuring the square footage of a home, which excludes any rooms below grade. That doesn't mean your basement has no value, but it doesn't technically add space.
5. Don't engage in listing ‘puffery’
Before listing, make sure you and your agent take a realistic look at what your home actually offers. Are you including the basement square footage in the total? Are you hoping no one will notice your roof isn't new? Preparing yourself ahead of time with a pragmatic estimate will ease the appraisal process.
And above all else, make sure not to fudge the numbers.
This is particularly rampant in areas where the assessor's information isn't accessible online. When you know potential buyers have to actually, gasp, go in person to look up the sketches, it might be a lot more tempting to pad some square footage here and there.
Born and raised in the small town of New Iberia, Louisiana. Later graduated from college with a associates degree in computer networking. Went on to a 20 year career in the oil and gas industry. Now h....
Latest Blog Posts
How to Have a Relaxing Vacation While Selling Your Home The stresses of selling a house will never completely go away, but these steps will help you enjoy your time away even with a home on
Are You Ready to Buy a Home—or Just Window Shopping?Congratulations, you're officially obsessed with real estate—swerving toward every open house sign and poring over