PLEASE NOTE we are now brokered by eXp Realty. Call or text Alisha Collins, eXp Realty at 307-247-1806 or email at alisha@casperpowerhouse.com We are excited to talk with you!
Appraisals! What is an appraisal and appraisal-required repairs? Today we are sharing what to expect with an appraisal and appraisal required repairs. Watch below to learn more.
An appraisal is an unbiased opinion of value by a licensed professional appraiser, performed to help ensure a property’s contract price is appropriate for its condition, location, and specifications. The appraiser will take your property into consideration along with several appropriate comparable properties for the area, and then compares them, making standardized adjustments to account for differences in the properties in order to come up with an appraised value of the property.
During the appraisal, the appraiser also evaluates your property to make sure there are no issues that warrant repair or additional inspections. All loans have condition requirements of the house that is being purchased. Those requirements may vary by loan type. For example, if a buyer is getting an FHA or a VA loan on the property, the home cannot have any peeling paint, must have gutters, downspouts, extensions, as well as some other safety items, such as furnace and hot water heater that actually should already be present but sometimes aren’t.
Occasionally, additional inspections may be required such as a roofing inspection, structural inspection, etc. Typically, if any problems are identified, the buyer will ask the seller to take care of any of those deficiencies prior to closing. If what needs to be repaired is agreeable to you the seller, then those repairs must be completed at least several days before closing so the appraiser can go back to the home and sign off that their repairs have been done.
I realize this is a lot of information. That is why I am by your side to guide you through the entire process. Remember, we want to set you up for selling success.