No one expects you to be able to appraise a home. It’s a professional’s responsibility to provide an independent estimate of either your home’s value, or the value of a home you are interested in purchasing.
While the bank uses the appraisal to guarantee your home’s tangible value against the mortgage, such documentation also ensures that you’re not overpaying for your dream home.
There are a few things to keep in mind, however, to make the best use of the cost of a professional appraisal. While your lender usually selects the appraiser, be aware that federal law guarantees you a copy of the report, and you should insist on it. Show some savvy and request that your lender choose a professional with an MAI or SRA designation from the Appraisal Institute. This proves at least 200 hours of training and two years of practical experience.
When selling your home, you’ll make a big impression if you can whip out receipts for improvements, roof repairs, work on your furnace or A/C, and any major repairs such as kitchen or bath remodel. This proves your responsibility and pride-of-ownership, adding real and perceived value to your home.
If you’re suspicious of an appraisal, ask a realty professional to provide a Competitive Market Analysis based on the most recent closings in your area. Sometimes another opinion is all you need to put your mind at ease.
For responsible service in all your Real Estate needs, call Marcia Kies.
15400 S.W. Boones Ferry Road
Lake Oswego, Oregon 97035