How To Appraise Your Current Home Or Home You Are Going To Buy At True Market Value

H

ome appraisals, although        considerably less, based on the
used in many instances, are     market data that the appraiser
designed to determine the       chooses to use, in order to
true market value of the property     decrease the loan amount that the
in consideration. Market value is     lender can provide a home buyer.
how much the property is worth        In turn, if a home owner is
according to what type of             selling a home, the appraisal can
property it is, what condition it     be determined at a higher value
is in, and other properties           so the owner will get as much for
similar to it in the immediate        the house as possible. This
area.                                 “opinion” may not always reflect
                                      an accurate or true market value.
The only problem with home
appraisals is that they can often
differ greatly among different        For this reason, if you are
appraisers, the professionals who     refinancing a home, selling, or
actually appraise the property.       buying, it is a good idea to find
This is because an appraisal is       an appraiser, not related to any
just an opinion, based on market      of the interested parties, such
data, as to what the property is      as buyer, seller or lender, in
worth. So, you may get a higher       order to find the true market
figure from one appraiser and a       value of the property. This
lower number from another             appraiser will have no tendencies
appraiser.                            to determine the appraisal in
                                      anyone's favor. It is an even
This can give lenders room to         better idea to get two or three
determine the market value for a      appraisals if you feel it is
property. For example, a lender       really necessary. This is also a
could have his personal appraiser     great tool to show whoever may
appraise the property for             have just a ridiculous appraisal

that it could not be what they        deal.
say it is. It can be great proof
to strengthen your case for the       You should call a few appraisers
property.                             to get quotes on how much is
                                      charged for an appraisal. Find a
It is really important to have a      few that are within in your price
true market value of the property     range and make appointments for a
so the owner can get what it is       walk through, or meeting to
worth, the buyer can get it at        discuss the property. The
the market price, and also get        appraisers should explain the
the proper amount loaned to him       data they are going to use to
or her. When the property is          determine the value of the home.
appraised at true market value,       They should evaluate the number
there is room for some                of bedrooms, bathrooms,
negotiation and everyone knows        condition, upgrades, whether
they are getting a fair price.        there is a pool or spa, and of
                                      course the land it is on itself.
So how do you find an appraiser?      They should also check at least
Well, you could use the seller's,     three similar properties that
the lender's, or the broker's         have recently sold in that
appraisal, but like I mentioned       immediate area within the last
earlier, I would find an              three months, that are comparable
independent appraiser. You can        to the property in consideration.
look in the yellow pages under
appraisal, search the Internet,
ask trusted people such as            A true market value appraisal can
family, friends and co-workers,       save you money and get the loan
who may have a fair person in         you deserve, so be sure to do it
mind. This is really just a way       right! It is worth it, especially
to protect you from getting a bad     if you feel the people you are

working with wish to work in          have been know to be dishonest
their own favor. There are many       lenders and appraisers, after
honest people out there, but          all, with an appraisal being
there are also many who will do       simply an opinion, get it
anything to get some more money       confirmed! This can only work in
in their pocket, especially in        your favor.
the real estate market. There

About the Author:

John R Blakefield is a mortgage and real estate specialist. For more information, articles, news, tools and valuable resources on home mortgages or investment loans, refinancing, debt solutions, visit this site: http://www.scourtheweb.com/mortgage/.