Kimber Explains

Your Home’s Appraisal

 

HERE ARE THE MAJOR STEPS FOLLOWED BY MOST HOME APPRAISERS:

 

• Research the property – size, number of rooms, number of bathrooms, year built,

   lot size, square footage.

• Gather recent sales data from similar properties in the area or in the close

   surrounding area. Ideal is to locate three or more similar homes that have sold

   and closed escrow within the past 6 months.

• Inspection of the property and the exterior of the comparable homes which have

   been selected to estimate the value of the home. Exterior photos are usually 

   taken of all properties including the home for sale. During the interior inspection

   the appraiser will detail any items that would add or subtract value from the

   home. A floor plan may also be drawn during this inspection.

• For the homes selected for use in the comparable sales data, the appraiser looks

   to the Multiple Listing Service (MLS), public records, and the California Market Data

   Cooperative (CNDC) to help determine the interior condition of the homes and

   amenities comparable to the home for sale.

• The appraiser then reconciles all of the comparable properties and determines a

   final estimated value of the home for sale.

 

Having an idea of what is involved when your home is to be appraised can help you maximize the value of your home and get you a top dollar sale.

 

A home inspection is an objective visual examination of the physical structure of your home and is standard procedure when selling a home. Most buyers want a third-party home inspection to find out about any defects or problems before completing the escrow and taking ownership of the home. Some sellers also

schedule their own home inspection prior to listing their home on the market to determine if any repairs are needed prior to bringing prospective buyers into their home.

 

W H AT Y O U N E E D T O K N O W A B O U T A H O M E I N S P E C T I O N

The standard home inspection report will include an evaluation of the home’s air system

(heating or air conditioning), interior plumbing, electrical systems, the roof, the attic, visible insulation, walls, ceilings, floors, windows, doors, the foundation, and the basement if applicable.

If a problem is detected the inspector may also be able to refer you to the appropriate specialist for further evaluation. The fee may vary from coast to coast but is generally based on the size of the home, features of the house, its age, and any particulars of the house.

As in all things in life, price may not be the best determinant in regards to who will give you the most thorough and professional home inspection. An inspector’s qualifications including training, experience, and professional affiliations should be taken into consideration. You can check these items through the Better Business Bureau and verify the inspector’s license membership with a reputable trade organization. Your agent may be able to recommend several reliable professional inspectors from which you may choose.

 

Do I have to be present at the home inspection?

Although it’s not necessary it would be recommended that the homeowner accompany the inspector. You can observe, ask questions, and point out details that are not readily apparent. You’ll also find the written report easier to understand if you’ve gone through the property firsthand through the inspector’s eyes.

 

Can a house fail an inspection and what do I do if the report reveals problems?

The home inspection is an examination of the current conditions of the home and therefore cannot pass or fail – it simply reports its findings. It is not an appraisal and does not determine market value. As the seller you may choose to repair the items or consider lowering the listing price or refunding an amount of money equal to the repairs and letting the buyers conduct the work.