Tip for Sellers: Get an Appraisal

February 17, 2011

Tip for Sellers: Get an AppraisalYou have decided that now is the time to sell your Hendersonville home.  You finally get around to fixing the loose mailbox, tightening the doorknob and doing any maintenance you have neglected over the years because you know that this will only help you when it comes time to sell.  However, here’s a tip for sellers: get an appraisal.

Yes, you’re a seller and not a buyer.  Yes, lenders want appraisals done to evaluate the value of your home before they approve a loan for a buyer.  So, why do you need an appraisal?  Listing price.  For a quick and successful sale of your Hendersonville property, you want to price your home appropriately.  Pricing your home too high can backfire.  If the price is too high, buyers won’t bite.  If buyers don’t bite, your home sits on the market longer.  The longer your home sits on the market, the more likely it is that you will lower your price.  In the end, you may sell it for much lower than if you had priced it appropriately to begin with.  So what do you need to be aware of when it comes to a home appraisal?

Make sure your appraiser is qualified.  This means that they should be SRA or SRPA certified and/or are a Member of the Appraisal Institute (MAI).  Don’t base your choice on the lowest priced appraiser.  Just because an appraiser charges more doesn’t mean they are more qualified either.  Check their credentials.

Be there.  If possible, be at your Hendersonville home when the appraiser goes through it.  You will be able to see your home through a more critical eye when you see what an appraiser looks at. 

Examine your appraisal.  Read every part of your appraisal report thoroughly to make sure no errors were made.  Some common mistakes include square footage and neighborhood information in relation to the property.  If you have any questions, contact the appraiser for answers.

Appeal any errors.  If you find errors in your appraisal or there have been changes in your local market conditions since the appraisal was done that may affect the outcome of the appraisal, let the appraiser know.  If you are unable to come to an agreeable conclusion with the appraiser, get a second opinion.  If you are still unable to come to an agreement, you can file a complaint with the local appraisal agency.  Make sure that you have a legitimate complaint before you file

In addition to the typical things you do to get your home ready to place on the Hendersonville market, here is a tip for sellers: get an appraisal If you need help selling your Hendersonville home, contact me.

Rich Cooke, your Hendersonville real estate specialist

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