| -> | | | | features such as a fenced back yard, or maybe |
| Whether you are selling your home or refinancing, | | | | there is view of the ocean. Numerous items may be |
| you'll probably getting a call from an appraiser. Their | | | | added or subtracted from your home's value. Living |
| job is to determine the fair market value of your | | | | space, numbers of rooms, sales in the last 120 days, |
| home based on guidelines set out by the Federal | | | | usable land, and many other factors are considered. |
| National Mortgage Association. This is not the same | | | | Rest assured it is not an entirely subjective process, |
| as a competitive market analysis that many real | | | | but rather methodical and universal. |
| estate brokers perform, sometimes referred to as | | | | They don't consider your choice of wallpaper and |
| "comps". The professional appraiser does an in depth | | | | curtains. They don't care if there are 200 toys laying |
| analysis of you home's condition, additional features | | | | in the family room or that you didn't make you bed. |
| as compared to other similar homes, and location. | | | | Of course it doesn't hurt to tidy up a bit, but it's not |
| They start by looking at you neighborhood and find | | | | really a factor in determining the appraised value of |
| comparable homes that may have sold recently, | | | | your home. They are there to measure boundaries, |
| characteristics of lifestyles, income level in the area, | | | | going to each level in your home and looking in all the |
| average age, and surrounding home values. So if you | | | | rooms, and taking more measurements. A few |
| home has 4 bedrooms, 3 bathrooms, and a 2 car | | | | pictures are taken only for the appraiser's folder |
| garage on a half acre of land, they will try to find a | | | | which will go in a file. |
| similar home in a nearby neighborhood. Sometimes | | | | Normally, if you are buying a home or refinancing, |
| they will extend their search and compare homes | | | | you can let the lender know if you prefer a particular |
| within the same school district when it is a known | | | | appraiser or company. You can ask any real estate |
| factor that affects the value of a home. | | | | broker if they can recommend someone to you as |
| Once they find comparable properties, they will make | | | | well. A qualified appraiser is licensed by the state and |
| some adjustments. Sometimes they will add value to | | | | will cost from $150 to $500 or more depending on |
| your home based on the landscaping, external | | | | the size of the home. |