Let’s assume that you’ve found the home of your dreams. The asking price is reasonable and within the amount that your bank has already pre-approved you for, which means you are ready to sign on the dotted line and start getting ready to move in. Once you have signed a contract, your mortgage carrier will request an appraisal for the property.
Appraisals provide you with information about the home that you wish to purchase. Put simply, a real estate appraisal is the opinion of a licensed professional who is an expert in home values. They base their opinion on information about the property, as well as other sales, of similar homes, in the area.
It’s not only buyers who can benefit from real estate appraisals, however. An individual looking to sell their property can also take advantage of a professional appraisal so that they can find out exactly how much their home is worth before they list it on the market. A home that is overpriced will likely languish on the market while other, comparable homes get snapped up by interested buyers almost as soon as they are available. On the other hand, pricing a home too low means that the seller doesn’t get as much money for their property as they otherwise could.
An important thing to keep in mind is that a home appraisal is a different thing from an inspection. While a professional appraisal will likely include any obvious problems that the property may have, they will also include any upgrades, special features or additions that enhance the property. They differ from an inspection because the appraiser does not normally check to make sure that things like the electrical outlets, plumbing, heater, appliances and air conditioner are all working appropriately. That is the job of the home inspector.
Whether you are buying or selling, understanding exactly what a property is worth can help you make the best financial decisions for you and your family.
For information, contact the Levy Group at Coldwell Banker Residential Real Estate at 786- 581-1134, via email to Adam@MiamiHomesAndLan d.com or visit online at <www.MiamiHomesAndLan d.com>. REAL ESTATE