What Is An Appraisal? Every house is unique. Appraisers are trained and licensed for expertise in putting a value on properties. Appraisers don’t work for the buyer or the seller. Their primary mission is actually to protect the lender, who’s risking money on the home’s sale value. Appraisers have to wait for factors about the property and location, including size, condition, and comparable properties, to appraise its current value.
They know how to focus on conditions that affect value. Dishes in the sink don’t. Damage and neglect do. Appraisals lower than the proposed purchase price can affect transaction details. The seller might have to lower the price, or the buyer might have to increase the down payment or fund additional escrow. Appraisals seem a lot like inspections, but they’re not the same.
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You can think of it this way:
- Appraisers report on value to the lender.
- Inspectors report on the condition of the house and major components to the buyer.
So, in your transaction, you should expect both an appraisal and inspection in your transaction.
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One of the reasons to call the Agardi Team if you want to buy a home or have one to sell is:
Not only do we sell our clients’ homes for more money and faster than the average area agent, but your home is also more likely to sell. According to 2015 MLS statistics, only 71% of area homes sold during their listing term. Compare that to our 95% of homes listed that sold before the end of the listing term. YOUR HOME SOLD GUARANTEED OR WE’LL BUY IT*To discuss the sale of your home, call The Agardi Team at 718-755-2882 and start packing!*Agardi Team and the seller have to agree on the price and the closing date.