It may be a fundamental element in nearly two-thirds of every residential real estate transaction, yet when you think about buying or selling a home, it’s not likely to be your major focus. Important though it may be, for most people, the appraisal process seems like a mere formality. After all, haven’t the seller and buyer already agreed to the deal? What’s left to do, other than dot the I’s and cross the T’s?
Of course, if you are a cash buyer, you can choose to skip the appraisal altogether. If so, congrats - you are ready to buy as soon as you find the right property! But for the rest of us, if a loan is involved, so too is the lender’s appraisal – or appraisals. Yet many real estate agents are not a part of this element.
The entire transaction hinges upon its success because the lender needs assurance that the property has at least the agreed value. If the home doesn’t comp out, the bank will not fund the loan.
When it comes to the appraisal, I will admit to being one Realtor who favors the proactive approach. One way to help assure the right outcome at appraisal time is for your Realtor to meet the appraiser at the property -- armed with a package of comparables that support the agreed-upon price. Most appraisers may have uncovered the same comps already, but that’s not always the case. If my seller has completed upgrades or improvements, I also like to bring proof to help justify a higher price. Making the appraiser’s job easier is an important part of a Realtor’s job.
As a trusted Realtor in Westport & Fairfield, I’ve found that taking an active role during appraisal is an important way to protect my client’s interests. It’s a commitment I make to help insure that each and every closing finishes as planned. If this Spring finds you looking for a Realtor who will be by your side from start to finish -- drop me an email, or give me a call!
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