Buying a home will quite possibly be one of the most, if not the most, expensive purchases of your life. Because of that, it is not a decision you want to enter into lightly. However, that is just as true as when you are selling your home. We all know that housing (for the most part) tends to be a pretty safe investment. However, if you’re not careful during the selling process, you could lose that investment. Part of selling your home is getting a home appraisal to determine what it is worth. We offer home appraisal services in Indiana and beyond here at Metzger Property Services, so we thought we’d answer some frequently asked questions here.
What does my appraiser need to know?
To accurately appraise your home, an appraiser will require all the information that you can give them. It is recommended to essentially prepare an “appraiser’s package”, which should include everything from inspection reports, floor plans, and HOA documents to remodels and costs, green features, neighborhood details, etc. Additionally, be ready to answer or find information for any questions the appraiser has when they come to your home to assess. Make sure to give them a wide berth and as much time as they need for performing their appraisal.
Will potential buyers get a copy of my appraisal?
The Equal Credit Opportunity Act (ECOA) mandates that all creditors automatically send a free copy of written valuations and home appraisals to anyone, regardless of whether their credit is denied or not.
What do I do if I feel my appraisal is inaccurate?
An appraisal is sent to the appraisal’s client, and that client who ordered the appraisal is the only one allowed to discuss the appraisal with the appraiser. If you think a mistake has been made on an appraisal, and you didn’t hire the appraiser, then the next step is to write that appraiser’s client about the need for corrections. It’s important that it be in writing, in case things need to be escalated later.
What is market value?
Market value, also known as fair market value, is what an appraiser thinks your house and lot will most likely sell for in the free market, without coercion, and with fully informed parties on both sides, assuming market conditions stay the same.
These are just some of the most frequently asked questions about home appraisals, but they are far from comprehensive. If you would like to know more about the home appraisal process, then please feel free to give one of our knowledgeable and friendly representative a call. They will be happy to answer any questions that you may have. Not only do we perform Indian home appraising, but we also do appraisals for guns, farm equipment, automobiles and automobile damage, medical offices and equipment, coins, precious metals, construction equipment, restaurants, antiques, wood working and metal machinery, government and school surplus vehicles, fitness centers, gyms, exercise equipment, and much more. Call today and find out how our appraisers can help you.