Common Questions about Appraisals

If I pay for an appraisal now, will the buyer be able to use it? A couple of factors will determine whether or not a buyer can take advantage of your appraisal. The most important lies with the policy of the lender which will be handling the buyer's financing. It is completely within the lender's rights (and more than likely) that they will want to order a new appraisal. In addition, there is the question of timeliness. If you have a professional appraisal done now and it takes 4 months to get a contract on your house, it is probable that the lender will require a more recent appraisal.

Is the value locked in stone? Absolutely not. An appraisal, no matter how scientific, still ends up being the professional opinion of the appraiser. The appraiser must compare, for example, the condition of your house in relation to the comparable properties, which to some degree is a judgment call. Nevertheless, an appraisal will give you a reasonably good idea where your house fits in relation to recently sold properties. From that point you are well on your way to setting a fair price.

Where can we find an appraiser? You will need an appraiser in your local area, so you can check your yellow pages.

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