Why Get An Appraisal Before You Buy or Sell Real Estate?
This is a smart decision. However, the market is in such turmoil that many realtors are having difficulty determining value in some markets. Local realtors have used my firm to help them determine listing prices for their clients in this extreme market. Sellers have more confidence in the appraisal value determined by a third party due to the fact that the third party has no financial interest in the real estate in question.
How much should I ask someone to pay for my property?
List price is of prime importance in determining how long it will take to sell your property. There are numerous factors that are critical to the valuation of real estate. An appraisal report will reveal repairs, in advance, that may be required by a buyer/lender for loan purposes. The report will also reveal the actual living area, total square feet, of your property/building. A fair number of contracts have failed to close due to the buyer finding out that the house is much smaller than advertised or that additions to the house were completed without a building permit. Zoning violations can also be discovered. The primary reason for an appraisal is to determine the “Fair Market Value” of your property. A professional real estate appraisal report will help you sell your property.
How much should I offer to pay for this Property?
If you are a buyer, you may want to determine market value before writing up an offer to purchase. How can you determine what to offer if you are unsure of “Fair Market Value”, the condition of the property, size of the house/building, possible zoning violations, are additions permitted properly, etc. If you make an offer and the offer is accepted, it may take weeks for the above questions to be answered. You may find out facts that you are unwilling to accept. You have tied yourself to a property when you could have been looking for the right house. An appraisal report completed before writing a contract will prevent a lot of problems and help assure that you paid a Fair Price.