Preparing for Appraisals - Contracts and Comps

You’ve sold your home and are getting ready for the appraisal. Here’s how contracts and comparable home sales impact the appraisal.

Your Contract

One of the indicants of value an valuator takes into consideration is the contract that bes between unrelated political parties for the sale and purchase of the home. As odd as this may sound, sales between relations often downgrade an assessment amount. So if you’re not selling your home to a relative, do a nice clean transcript of your contract, and give it to the valuator who appraises your home.

Comparable Sales

In general, when you are selling your primary residence, the individual purchasing it is going to do it his primary residence, too. An assessment done in that state of affairs usually gives the most value to what similar houses have got got sold for in the same vicinity (or nearby) recently, and doesn’t wage much attention to the ability of the property to generate rental income or to what it would cost to replace it.

Therefore, the valuator is going to be looking for homes which have sold in your country in the past few months. If you cognize of a sale of a similar home at a good price, state the valuator about it. Brand certain your information is accurate first, however. Don’t just share vicinity gossip. Check the sales terms at the courthouse.

Be careful how you manage these last two suggestions. You desire to come up across as quietly helpful and factual. You make not desire to impart to the valuator that you oppugn his ability to make his occupation well.