Five things to know about home appraisals

Market Watch recently ran a helpful article on Five things to know about home appraisals. (We want to thank Laura Turrittin from Prime Mortgage for telling us about the article.)

Here is an abbreviated list of the things to know:

  1. What the appraisal report includes: Your appraisal will include details about the house, a description of the neighborhood and side-by-side comparisons of similar properties. It will also contain an evaluation of the area’s real estate market and notations of major problems with the property.
  2. How an appraisal report is developed: Appraisals are opinions of value, and residential real estate appraisals compare your home with similar homes that have sold.
  3. How to get a copy of your appraisal: You paid for an appraisal when you bought your house. You can request it from your lender — it’s your right under federal law.
  4. What to look for in the report before you sell: Focus on items that had a negative adjustment — they might be a good checklist for elements to update or remodel.
  5. Why an appraisal before your home hits the market might be wise: The fresh appraisal will help accurately price the home and ensure it will eventually appraise for your asking price at the time of the sale.

Submitted by Susan Hofflander

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