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Gaut Appraisal Blog

Home Appraisal Basics - What You Need to Know - Amarillo Appraiser Tips
October 27th, 2013 1:32 PM

Having your home appraised is quite unlike anything you may have dealt with previously. A qualified person is coming in to your home to examine how everything looks on its surface and determine exactly how much your home may be worth. To say the appraisal process is confusing for many people might be an understatement.

purchasing a home in amarillo txWhen it comes to any home appraisal:

  1. real estate agents and homeowners can be present for the appraisal, provided they give the appraiser space to do his or her work; and
  2. the appraisal process is not about placing a strict value on a home; it’s about offering an independent, objective and impartial opinion of the value of all the collateral involved in the home. It’s about no more and no less than that.
  3. The only pictures – exterior and interior – of the home are to be taken by the appraiser. You don't need to provide photos.
  4. The home should be in the best possible condition for the appraisal process. That will give the appraiser an opportunity to get the best possible understanding of the qualities of the home, and give an appropriate appraisal. In other words, while it's not required, the appraisal process will go smoother if clutter is removed, and any remodeling is actually complete.

Getting your home appraised isn't really stressful, and it's an essential if you're buying or selling a house or condo. Having a scientific explanation of value before setting a price, even with Realtor advice, allows you to set an optimal price that's neither too high (so the home languishes on the market, or discourages buyers with multiple price drops), nor too low (so the home doesn't deliver all its potential value toward your finances for your next purchase). Since the cost of an appraisal compared to the potential return is quite modest, it's really a no-brainer.

In the same way, if you're buying a home, don't forego the appraisal. Even if the bank conducts an appraisal, which it will if you're getting a loan, get an independent appraisal yourself. It's too easy for a bank appraisal to not tell the whole story and to be too generous with the estimation of value. You want the equity you're hoping for to really be there. Compared to the potential loss from not doing it, a pre-purchase appraisal is a drop in the bucket. You're already getting a home inspection and termite inspection. The pre-purchase appraisal protects the financial side of your investment by giving you documentation of value from an independent source.

Amarillo TX Appraisal CompanyJohn B. Dudley, SRA is an SRA-designated commercial and residential appraiser, with 35 years experience. serving the Texas pandhandle, including Amarillo TX Canyon TX Hereford TX Pampa TX Dumas TX Panhandle TX Borger TX Claude TX Dalhart TX Friona TX.
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Posted by John Dudley on October 27th, 2013 1:32 PMPost a Comment

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