There are several critical aspects of the house buying and selling process, and one of the most crucial is home appraisals. However, it is a procedure that many people are unfamiliar with. We are here to assist our customers from beginning to end in the purchasing and/or selling process at Berkshire Hathaway HomeServices. Today, we’ll discuss house appraisals, including what they are and aren’t. Continue reading to discover more, then call us at (310) 373-0021.
What exactly does an appraisal entail?
To begin, keep in mind that an appraisal is essentially an official value of your property. It depicts a home’s fair market worth to assist buyers and sellers in determining a fair selling price. Comp sales of comparable houses, the number of bedrooms and bathrooms, the square footage, vistas, the condition of the property, and distinctive amenities such as a swimming pool are all elements that influence the final price of a home evaluation.
Timelines for assessments
The actual procedure of evaluating the property is usually rather quick. Taking images of the interior of the property, measuring for precise square footage, and other procedures are all part of the assessment process. However, depending on the size of the house, it may normally be completed in under an hour.
Returning the appraisal might take a long time. It depends on how active the market is at the time of the evaluation how long it will take. In a slower market, an assessment may be completed in a week or two, however in a busy market, it could take up to six weeks. Not only does the appraiser need to finish the evaluation they started in the property, but they also need to look at local statistics, sales transactions, and write a substantial report.
The assessment is usually valid for 60 to 90 days after it is issued. If you’re purchasing or selling a house in a quickly shifting market, you might need to have it re-appraised if it doesn’t sell within this timeframe.
Getting a valuation
The house appraisal is usually paid for by the property buyer, although it is sent to whoever ordered it. As a result, if a buyer pays for an appraisal and then backs out, the evaluation cannot be used by another buyer. You should be aware that if you are selling a home and purchase an appraisal for your personal use, the buyer will most likely be unable to utilize it.
You should deal with a real estate specialist if you need an assessment or additional information about the available homes on the market. We can go through all of your options with you at Berkshire Hathaway HomeServices to help you figure out what makes the most sense and best matches your needs. To get started, call us at (310) 373-0021 right now.