Thinking about selling home. Should we get an appraisal through an appraiser or real estate agent?
(0) | asked by: colleen timney | share | 11 months ago | Report
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A good realtor can give you the most current market value of your home the appraiser will verify that value when its sold. In this "Sellers" market appraisals can sometimes come up short in that they look at 6 month old information verses current listings and pending sales.
Hi Colleen, The appraisal will give you a more official value of your home but if you are just needing a comparison for listing purposes, a good realtor should be able to give a comparison evaluation. The buyers bank will require their own appraisal at the time of sale.
In Connecticut it is not necessary for a seller to get an appraisal. You can get a Comparable Market Analysis from a realtor to find out what similar homes have sold for and to give you a fair idea of the value of your home. The buyer's bank or mortgage company will probably order an appraisal for their own records.
Ask a Realtor that is familier with your area to give you a CMA, if the Realtor feels the home may be unique without sufficient market data to derive a Listing Price you should contact a local Real Estate Appraiser.
I would have Realtor run the comps for you . You can always get a appraisal , however when ever a buyer comes Along the mortgage company for buyer will have it done again . So it is really not necessary unless you just want to know .
I have seen appraisals differ within 30 days on the same home. Ask your local Realtor to give you a market analysis of your home, and that is free! Holly Campbell
An appraiser is licensed by the state to give you an in-depth value of your home. They use comparable homes and the different features that give or take away the value of the home. A real estate agent gives you a market analysis of current sales of homes that compare to yours. The buyer getting a loan will have to use an appraisal ordered from their lender. In a cash situation it is up to the buyer if they want to have the house appraised. If you are looking for a way to know how to price your home both Appraiser and Realtor will be good choices.
Definitely wait and let the buyer do the home inspection.
Hi Colleen, I wouldn't waste the money. You will get an appraisal when your buyer is in the process of obtaining their loan...that's the one that matters. I suggest you get in touch with a really great Local Agent to acquire a Broker Price Opinion. It wont cost you anything. In order to find an agent, look in the upper right hand corner of this page, you will see a pull down tab called "Local Pros". There you will find a Real Estate Agents button. This is an easy to use tool which will allow you to find a Realtor in your area who you are comfortable with. Please get in touch with a professional and utilize their services...it really is the easier, softer way. Best of Luck to you!!!
An experienced and educated realtor will know general appraisal guidelines and using those guidelines can come up with good comparable sales for your home; hence, helping you determine a range or value for your home when selling; however, if you are unsatisfied with the numbers that a realtor gives you then by all means hire an appraiser and get a second opinion. Please keep in mind that an appraisal could cost you $500.00 at a minimum, and cannot be used by a buyer's lender when obtaining their loan value. It can be a great benchmark for you. If you are interested in knowing your home's value, please contact me. I grew up in Brentwood, live here now and specialize in the area. I would love the opportunity to help you.
Colleen, At least in Tennessee, unless your real estate agent is also a professional appraiser, the only way to obtain an appraisal is through an appraiser. The information a general real estate agent would provide you would only be a comparative market analysis.
Great question! Here are 3 quick points to answer it! #1 Most appraisals are ordered by the Buyer after an accepted contract for purchase is in place. This is ordered through the Buyer's Lender, whereas an Appraisal company will accept the order and conduct the appraisal, turning in the results back to the Lender of the appraised value. If the sales price is at or below this appraised value, the sale will move forward. If it is above the appraised value, both parties must renegotiate on how the gap between the two is handled. #2 Sellers sometimes, but rarely, pay to have a pre-listing Appraisal done for the purpose of knowing this appraised value ahead of time. This can then be used to help set the value of the sales price for listing the Seller's home, as well as strategically using this value to show an aggressively priced strategy to the market Buyers (ie. "House is being listed 10% below appraised value!") #3 Consider the Realtor you are using as the best option here. Meaning, an experience Realtor should know how to do a successful CMA (Competitive Market Analysis) and actually pull data that should help price the home and get some strong indications on appraised values, as the data collected is often the same that an Appraiser would use in supporting appraised values. In the end, the decision is always yours to make if you gain peace of mind in having your own Appraisal done ahead of time! Would love to help further, let me know if you wish to speak about other questions on your sell!
At least in Tennessee, unless your real estate agent is also a professional appraiser, the only way to obtain an appraisal is through an appraiser. The information a general real estate agent would provide you would only be a comparative market analysis.
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