Head off buyer concerns about price with an advance appraisal
Whether selling a Lake Norman home, a castle in Lichtenstein, or
Texas real estate, you'll run into the same roadblock: Buyers are going to
have doubts about the value of the home they buy. It's just the way people are.
For most people, it's the largest investment of their lives and you can't blame
them.
There isn't much more assurance a buyer can get than an impartial
professional validating your home's price.
Because real estate involves such a large financial commitment, sellers do well
to get the advice of real estate appraisers. Real estate appraisers have only
one job. that's to evaluate homes and they don't have a vested interest in the
transaction. What they are certified to do is provide an unbiased estimate of
the value of the home. By getting an appraisal in advance you ensure that you
get the most money possible because of the feeling of security the appraisal
offers to the prospective buyer.
While inspecting the home, the real estate appraiser evaluates the quality of
the home's construction, the condition of the total property, and how dated (or
outdated) the home may be compared to other homes that have sold. They compile
data on the property as a whole by making observations and searching public
records for the details of other properties, past sales and leases, and any
other transactions.
Discuss in advance with the appraiser for a transfer of the appraisal to
the new purchaser.
The home appraisal is a valuable asset that is part of the home, but it loses
its value to the seller as soon as the home is sold. Why not offer that
appraisal to the buyer? The borrower would save $300 to $700, which, in turn,
can help you increase your odds of actually having a meeting of the minds to
begin with. In addition to helping reassure the buyer of your home's worth, you
can for all practical purposes get some of your appraisal cost returned to you
by giving it to the borrower. In addition to cutting down some of the buyer's
expenses, you also guarantee that your home will appraise, because if the
borrower hires their own appraiser, there's a risk of that appraiser won't think
the home is worth what they're paying.
For a very small charge, usually $25 to $50, you can have the appraiser
re-write the appraisal to the new owner. In this real estate market, buyers can
walk away from a contract for any reason and, sellers must use every tool
possible to make sure their deal makes it to the closing table. Getting an
appraisal in advance is a good, inexpensive incentive you can throw into the
deal to show your good faith and cooperative spirit as a seller. It not only
increases the buyer's confidence in your interaction with him or her, but it
might improve your net from the sale as an added bonus!
                
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