![]() IF YOU’RE ENTERING THE REAL ESTATE MARKET IN North Carolina, THEN, JUST BEWARE OF THESE HOME APPRAISAL STORIES. Keep in mind, too, that federal law stipulates that a copy of the appraisal must be supplied to consumers who submit a written request. Before you ever reach that stage, though, you should, according to real estate experts, get an appraisal of your own done before the lender’s appraisal takes place. In such a case, the homeowner, the seller, can – and should – contact the buyer’s lender and request another appraisal. ![]() Bear in mind that mistakes do happen – mistakes that can severely jeopardize a potential deal. There’s Nothing You Can Do About a Low Home Appraisal in North CarolinaĪlso, if you are a seller and the home appraisal comes in much lower than you think it should, you do have recourse. Of course, an appraiser will, just like an inspector, note the condition of wiring, plumbing, roof, and so on, but only as a means to arrive at a valuation for the lender. An appraiser’s job, on the other hand, is to determine the objective market value of the same house. It’s true they are both safeguards for the buyer and lender, but they have different purposes.Īn inspector’s job, primarily, is to detect any and all problems (and even potential problems) with a home. Although both inspectors and appraisers inspect a property to determine its condition, the similarities end there. An Appraisal Equals a Home InspectionĪnother appraisal story floating around out there is that a home inspection is the same thing as a home appraisal and vice versa. Basically, if surrounding houses (that have been appraised and/or sold) were built on the lot of the house in question, that’s what would be used to determine its appraised value. ![]() In that case, the larger home with all the bells and whistles may not be appraised for what the parties involved think it’s worth. So if a house is more amenity filled and much larger than all others in the neighborhood, then the appraiser won’t have any sales data to work with. The value of a house is calculated on the basis of sales data for similar homes in the neighborhood. Upgrades, improvements, many amenities, and lots of square footage don’t necessarily translate into a higher valuation. More Amenities and Bigger House Mean Higher Valuation Further, appraisers – unlike agents and inspectors – are answerable to government regulatory agencies. ![]() It is, in fact, a criminal offense for anyone – either buyer or seller – to pressure or coerce an appraiser into coming up with a certain value. The buyer’s lender is also making an investment, and so everyone needs to be on the same page. It doesn’t matter if the buyer and seller have already reached agreement on a price. While the buyer does, in fact, pay for the home appraisal, the appraiser is actually hired by and works for the lender who owns their work. The Appraiser Works for and is on the Side of the BuyerĪ common misconception is that the appraiser works for the buyer and that the valuation, as a result, is skewed in favor of the buyer. That’s why you need to stop believing these four home appraisal stories in North Carolina. And in many cases, a real estate valuation, an appraisal, seems to be purely arbitrary and overly complicated.įundamentally, though, an appraisal is data-driven: it is simply an opinion about a home’s value derived from similar-housing data and neighborhood data. Whether you are a home buyer or seller, an appraisal is a key part of the whole process.
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