There are many essential parts of the home buying and selling process and home appraisals are one of the most important. That said, it is also a process that many people don’t understand. At Berkshire Hathaway HomeServices we are here to help our clients from start to finish through the buying and / or selling process. Today we are going to look at home appraisals, what they are, and what they aren’t. Read on to learn more and then contact us at (310) 373-0021.
What does an appraisal cover?
First, note that, at its core, an appraisal is an official valuation of your property. It shows the fair value of a home to help buyers and sellers better understand a reasonable selling price. There is a long list of factors that will affect the end price of a home appraisal, including comp sales of similar properties, the number of bedrooms and bathrooms, the square footage, views, condition of the property, and special features such as a swimming pool.
The timeframes of appraisals
The process of actually appraising the property is generally fairly short. Generally speaking, the appraisal will include taking pictures of the interior of the home, measuring for accurate square footage, and other steps. That said, it can usually be done in around on hour, depending on the size of the house.
Getting the appraisal back can take much longer. How long it will take will depend on how busy the market is at the time of the appraisal. If a home is appraised in a slower market, the appraisal could come back in a week or two, while a busier market could take as long as six weeks. Note that the appraiser needs to not only complete the review they began in the property, they must look at local data, sales transactions, and create a significant report.
Once the appraisal is issued, it is generally good for between 60 – 90 days. If you are buying or selling a home in rapidly changing market, you may need to have it re-appraised if the property is not sold within this timeframe.
Ordering an appraisal
It is most common for the property buyer to pay for the home appraisal but it is issued to whoever ordered it. As a result, if a buyer pays for an appraisal and backs out, a new buyer could not use that same appraisal. Know that if you are selling a property and you buy an appraisal for your own purposes, it likely cannot be used by the buyer.
If you are in need of an appraisal, or more information about the available properties on the market, you should work with a real estate professional. At Berkshire Hathaway HomeServices we can go over all the options for you to help you understand what makes the most sense and what best meets your needs. Contact us at (310) 373-0021 now to get started.