What Is A Home Appraisal? - National Cash Offer

What Is A Home Appraisal?

 In Housing 101, Real Estate Questions, Things To Know, Tips for Real Estate

When it comes to selling and buying a home, a home appraisal is extremely important. However, even among seasoned real estate professionals and real estate agents, it is often the most misunderstood.

Come dive in with us as we explore the ins and outs of a home appraisal.

 

What Do Appraisers Look For?

 

When it comes to getting a professional appraisal for your home, there are many factors to consider. Depending on the intended use of the property, the weight of each of these factors can vary.

There are a few things that remain constant when it comes to appraisals, which include:

 

  • # of bedrooms
  • # of bathrooms
  • Sale prices of comparable homes
  • # of spaces in the garage
  • Size of the lot
  • Property condition
  • Quality of the neighborhood
  • Special Features

 

How Long Does The Process Take?

 

The typical process for an appraisal is very short. For a full appraisal, you might need interior pictures of every room in the house, as well as the square footage. Even so, all of this can be gathered in under an hour. If you are busy and don’t have time to be there, your realtor might be able to accompany them.

In terms of getting your appraisal back, it completely depends on how busy the market is at any given time. In a slow market, it can take up to six weeks. In a fast market, however, you might get your appraisal in as little as a week.

An appraisal will remain good for anywhere from 60 to 90 days. If the market is changing quickly at the time, you may need to get a re-appraisal.

 

Do I Pay For a Home Appraisal?

 

Traditionally, the buyer will pay for a home appraisal, which will then be issued to them solely. In essence, a buyer can’t simply use an appraisal from another buyer who backed out of the sale.

Before trying to list your house for sale, you might want to get a brought estimate of your home’s value using one of the many home value estimators out there.

 

Who Can Appraise My Home?

 

State-licensed real estate appraisers are the only people who are qualified to appraise a home. Most people aren’t aware that becoming a state-licensed real estate appraiser is often much more intensive than becoming a real estate agent, as appraisers must follow a strict compliance code.

 

Final Thoughts

 

Getting your home appraised is a very easy process. Of course, the report can be a bit complicated, though if you have a local expert that you’re consulting with and you have made sure to list your home at the right price, your appraisal shouldn’t act as a hurdle in the home selling process.

 

In the end, you may choose that you don’t want to go through the appraisal process and try to sell your home off-market. If so, make sure to give us a call here at National Cash Offer. We’ve helped thousands of homeowners just like you sell their homes quickly without any hidden costs or additional documentation.

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