When you sell your house and the buyer is securing a new loan in order to purchase the property, the buyer’s lender requires a licensed appraiser to estimate the market value of the property to show the lender that they are making a prudent decision lending the buyer the money to buy your house. The cost of the appraisal is negotiable.
Once the buyer begins the new loan application process, the lender will order the appraisal. In order to estimate the market value of your house, the appraiser will research the houses which have sold in your subdivision and/or your immediate area. Appraisers prefer to use sales which have occurred within the past 6 months and are similar to yours in regards to square footage, year built and amenities (i.e. swimming pool, garage, single story).
The appraiser will measure your home, take photographs, and examine your house for its condition, specific improvements and amenities. You can help the appraiser by preparing a list of recent improvements and remodeling that has been done and include the approximate amounts spent for each improvement. Some appraisers will appreciate this information while others may not. However, if you had the information prepared for buyers looking at your home, then providing it for the appraiser will be a snap.
If the buyers of your property are getting an FHA or VA loan, a few special requirements will be placed on your house. You must scrape and paint all chipping or peeling paint on your house or any structures on the property. You should also replace any missing or damaged shingles and missing slats or blocks in your fence.
The lender will receive a copy of the appraisal a few days after the appraiser has been to your home. You may be told that the appraiser has some repair requirements before the lender can loan the buyer any money on your house. In that case, you must repair these problems and the appraiser will return for a re-inspection for an additional cost.
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