Top Ways To Think Like An Appraiser

Dated: 03/18/2018

Views: 169

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β‘  The costs of improvements made to yourhouse do not equal the value of that house since the market does not always recognize the what improvements cost.  

β‘‘ Appraisers do NOT consider the price per square foot when formulating their opinion of the homes value.

β‘’ All appraiser adjustments MUST be supported by local evidence showing that buyers are paying up or paying down for each specific feature in a home.

β‘£ The single most important factor in the selection of a comparable sale is proximity. It's really all about Location...Location...Location!

β‘€ Appraisers are required to use closed sales when determining value. Listings and or pending sales are only considered to further support the value based on the closed home sales!

β‘₯ Appraisers MUST analyze all pages of the fully executed purchase contract prior to beginning their appraisal.

⑦ Appraisers MUST measure the subject properly rather than relying on public records, which can contain unfinished areas or omit finished areas, they are responsible for their own measurements. 

⑧ No two appraisers will measure exactly the same way.

⑨ Appraisers are required to disclose all safety and soundness issues for all home types. If they deem a repair is necessary, it is for the safety of the client or to further support the value, they do not disclose information to make a deal fall apart.

β‘ β“ͺ Appraisers think in terms of the "typical buyer" or the "median buyer" rather than in terms or a "specific buyer." Just because of one "specific buyer" paid $X-amount doesn't mean the "typical buyers" will pay the same $X-amount. Nothing is set in stone.

β‘ β‘  Condition Ratings incorporate the regular maintenance and updating of a house or the lack of regular maintenance and updating. Condition Ratings are based on the whole house, including the interior and exterior.  This is just another way to vlaue the home!

So, when preparing your home for sale..think like an appraiser!!

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