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Substantiate your home's value by getting an appraisal
Whether selling Austin real estate, a home on the other side of the world in London, Longmont real estate out in the shadow of the Rockies, the same rule goes into effect: Your potential buyers will most likely doubt your asking price, no matter how much you think it's worth. It's just the way people are. After all, it's a pretty big investment.
Nothing reassures buyers more than an uninterested third party certifying your home's value.
Since real estate dealings involve such a large amount of money, sellers do well to get the advice of real estate appraisers. Real estate appraisers have only one job to do. That job is to estimate the worth of a home and they don't have a vested interest in the home. What they are certified to do is provide an impartial estimate of the value, condition, and quality of the home. An advance appraisal can help you get the highest value possible for your home because of how that appraisal will give the buyer a better feeling about the home's true value.
While inspecting the home, the real estate appraiser evaluates the quality of the home's construction, the condition of the total property, and how dated (or outdated) the home may be. They assimilate data on the entire property by making observations and searching public records for the details of other properties, past sales and leases, and any other transactions.
Discuss in advance with the appraiser for a transfer of the appraisal to the new purchaser.
If used properly, an advance home appraisal is a tangible asset that is part of the home, but it loses its value to the seller as soon as the home is sold. Why not let the borrower use your appraisal? The borrower would save $250 to $500 (or even more), which, in turn, can help you increase your odds of actually having a meeting of the minds to begin with. In addition to reassuring the purchaser of your home's value, you will be generally be able to get all or most of the direct expense of the initial appraisal back by giving it to the borrower. In addition to saving the buyer money, you also guarantee that the loan won't fall through because of a different (lower) appraisal, because if the borrower hires their own appraiser, there's always a chance that appraiser won't think the home is worth what they're paying.
For a nominal fee, usually $25 to $50, you can have the appraiser rewrite the appraisal for the buyer. In a real estate market with buyers as fickle as they are, sellers must do what they can to keep the deal alive using all available tools. Getting an advance home appraisal is a good, inexpensive way to show your good faith and cooperative spirit as a seller. It not only raises the purchaser's level of trust in you, but it can very likely increase your final proceeds to boot!
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