How to Get A High Appraisal
DON’T Skip Any Of These 7 Important Steps Or It Will Cost You!
Regardless if your home is the nicest on the block or not, come time to sell or re-fi getting an appraisal that is high is crucial to the salability of your home.
If you have taken the time to prepare your house for to put it on the market, then good because your already about half way there. If you feel your house needs work to improve salability, here are a few tips for you:
- Make an Investment
If you have the funds to make updates to the house you are trying to sell, here are a few suggestions:
▪ Paint the interior a neutral color. A little paint can go a long way, and in fact, paint is an investment that will give you some of the highest return for your money. For the price of a few cans and some work, you can really increase the value.
▪ Change the flooring. Vinyl flooring screams “dated!” Try replacing it with ceramic tile, wood or even laminate flooring to increase the overall appearance and value of your home.
▪ Change those countertops. Laminate countertops are usually seen as lower quality to many retail homebuyers.
As you tour your home deciding what changes to make, keep an eye out for maintenance problems such as torn window screens, dripping faucets, running toilets, missing trim and broken door handles. These should be fixed prior to the appraiser’s arrival.
Remember, when making changes to sell your house, it’s about what the market is demanding. NOT necessarily what you want. Talk with an agent or real estate professional in your market area to decide what the market demands at this particular time.
2. Curb Appeal
Although many homeowners are familiar with this term as it applies to prospective buyers, many don’t realize that the home’s first impression is important to the appraiser as well. Landscape maintenance chores, such as clearing away debris, trimming trees and shrubs, spreading fresh mulch in the beds and greening up the lawn will all help to bring your home close to market value, and lead to a better appraisal.
3. Clear Away Clutter
Clutter in your house can also lead an appraiser to question how well the home has been maintained overall. Clean up! Remove any excess things and put them in storage. Pay close attention to the kitchen and bathroom, as these rooms are big-ticket items to a potential buyer.
4. Clean the House
This one’s pretty self-explanatory. A house presented in a clean manner is always more presentable to the appraiser, and to potential buyers.
5. Compile an Information Packet
The appraiser generally has access to reliable information, but sometimes this data can contain errors. It’s always good to come to the table with your own information in a presentable way.
Comparables – Although your appraiser has access to neighborhood sales information, it’s always a good idea to explain the lower comparable in your neighborhood. For example
In fact, it’s a good idea to have your real estate agent print out the MLS sheet for every home sold within a one-mile radius of your home over the past six months. Go over these printouts, making notes of anything you or your agent know about the sale that affected the price, and include those notes in the package.
“Brag” Sheet – Sometimes the information available to an appraiser is in error and even one error can lower the value of your property significantly. Here’s what to include on your “Brag” Sheet:
▪ Exact street address
▪ Year built
▪ Number of bedrooms
▪ Number of bathrooms
▪ New windows
▪ New floors
▪ New countertops
▪ Finished basement
▪ Replacement of the home’s major systems, such as heating and air-conditioning
▪ Upgraded electric or plumbing
▪ New roof
▪ Room additions
▪ Converted garage
▪ Square footage of the home
This package, if prepared properly, gives the appraiser accurate and firsthand information to refer to when submitting the information to the lender.
6. Make Sure the Appraiser Knows the Neighborhood
Make sure the appraiser is from within a 10-mile radius of your property. This way, you know the appraiser knows the area extremely well. You can request the lender send a local appraiser, and if that does not pan out that’s where your “Brag” Sheet will really come in handy.
7. Have A Plan
Write out a plan of attack of all the tasks, and chores to be completed. Check them off as you go. By writing a plan, you not only do not forget tasks, but you are much more likely to complete them, ensuring you have the best chance of getting the price you are looking for.
A Word About Foreclosures
Unfortunately, if your neighborhood was hit hard during the recession, resulting in a number of foreclosed homes nearby, there is very little you can do to prevent your home’s value from being dragged down.
What We Can Offer You!
If you are in trouble, and your situation prevents you from being able to sell the conventional way, have our company help you. Whether you need to sell quickly because you cannot repair the property, job relocation, behind on payments, inherited property, going through foreclosure, bad tenants, or any other situation, we are here to help. By using our service, you can skip many of these steps because we buy houses or real estate with cash. This means you do not have to wait for lender’s approval or hope the appraisal comes in as you wished. We buy houses in as is condition with no need to pay fees, commissions or repairs, and most of the time we pay closing costs as well.
Thanks for reading!