Understanding the Appraisal Process After the inspection process is complete and negotiations have been finalized, the next key step in the selling process is the home appraisal. This step ensures that your property’s value aligns with the buyer’s offer and satisfies the lender’s requirements. A licensed appraiser, hired by the buyer’s lender, will evaluate your home based on its condition, features, location, and comparable sales. The appraisal typically occurs within 1-2 weeks of the accepted offer, and the final report is delivered in 3-7 days.
What to expect from the appraisal
The Appraiser’s Evaluation: they will assess: Condition: The structure, roof, plumbing, electrical systems, and overall state of your home. Comparable Sales: Recent sales of similar properties in your area (often called “comps”). Features: Home size, layout, upgrades, and unique features like finished basements or outdoor amenities. Location: Neighborhood trends, proximity to schools, shops, and other amenities.
Results of the Appraisal:
At Value: If the appraisal matches the buyer’s offer, the sale continues as planned. Below Value: If the appraised value is lower than the agreed price, the lender will only finance up to the appraised amount. In this case, we’ll explore options, including: Adjusting the sale price. The buyer covering the difference in cash. Meeting in the middle to ensure the deal moves forward.
Low appraisals are rare, occurring in only about 5% of transactions, and your SRG agent will expertly navigate the situation to keep your sale on track.
What if it comes in higher?
Yes, for most financed purchases. However, cash buyers or some loan types may waive the appraisal. Do all sales require an appraisal?
Can I attenid it?
If the appraisal exceeds the buyer’s offer price, the buyer gains instant equity, and the sale moves forward without issue.
Sellers don’t typically attend, but your SRG agent will provide the appraiser with all necessary details about your home, ensuring a fair evaluation.
Just like with the inspection, we will be by your side, ensuring the appraisal process goes smoothly. We’ll handle communication with the appraiser and buyer’s team, proactively addressing any challenges that arise. From inspection to appraisal to closing, SRG ensures every step is managed with expertise so you can confidently move toward your next chapter! 27
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