What To Expect From Your House Appraisal

Having your house appraised can be a scary step in the moving process, especially if you don't know what to expect. Will your house pass muster or will they find some hidden defects and problems lurking in the basement and attic? Should you scrub the house clean?

Don't worry ? this isn't a test of how clean you keep your house or even if your house has problems (that will be for the home inspector to find out). The appraiser is there to determine a fair market value for your home. Whether you are selling the house or refinancing, this is a common part of the process and the inspector is quite used to traipsing about peoples homes in all kinds of disarray so you need not be embarrassed if your house is messy and it will not affect the value the appraiser puts on the property.

Determining the market value of your home is necessary so that your lender knows the home is valued at or above the amount of money you are borrowing. An appraisal is an estimate of worth. It is an opinion but is not entirely a subjective process. The FNMA, Federal National Mortgage Association sets up the guidelines and assigns values to certain assets of your home to ensure a fair sale.

The value of your home will be determined by comparing it to similar area properties that have sold in the past few months. The appraiser looks for properties that have the same number of bedrooms, baths, square footage and amenities like a fireplace or garage in your neighborhood or town. They start by looking at your neighborhood to find comparable sales or properties in similar neighborhoods that share similar characteristics of lifestyles, income level of residents, surroundings, average age and home values. A valid appraisal can be done when 3 or more properties similar to your own have been found.

Once the appraiser has these homes, there will be some adjustments made to take into consideration features that your home has the others don't or features they have that you don't. These features have nothing to do with your décor ? they are based solely on house size, rooms and amenities so your hot pink kitchen will not affect the value of your home appraisal!

The process is quite methodical and done to standard practices so you need not worry. If you are moving and you have hired a realtor, you will find the appraisal will come in right on the button for what they have valued your home at. Most realtors know the market quite well so you needn't worry that your buyer won't be able to secure funding because of your home appraisal.

Lee Dobbins writes for http://www.moving-and-more.com where you can learn more about moving and selling your house.

---

Real Estate Research By Talking

Real estate research might start with a look at the... Read More

Investment Real Estate Secret: Buy a House Today, With No Money Down

If you've read my article "Purchasing Property With No Money... Read More

Secrets of Making Money from Real Estate - Part 2

Leverage: With real estate, people and companies will lend you... Read More

Real Estate Values or Just Bad Habits

There are several small businesses that retain hundred year old... Read More

Zero Down Real Estate Investing

Zero down? Why would a seller want to walk away... Read More

Why A Final Inspection Is Necessary

In the sales contract, the sellers of your new home... Read More

Is An Old Home for You? ? The Pros

If you prefer a home that is unique and has... Read More

Selling Your Home Yourself ? Pricing It Appropriately

When you're selling your own property, whether it's a house,... Read More

Make Money As A Slumlord

Be a slumlord? Okay, I got your attention, now the... Read More

6 REASONS for Investing in Florida Real Estate Investment Property NOW

I invite you to take the next few minutes to... Read More

Guide To Finding The Perfect Central Illinois House

Central Illinois is an area rich in cultural activities and... Read More

How to Make Money from the California Real Estate Gold Rush

What do the Californians know that we don't?What is so... Read More

Mechanics Lien on Your House

In many places you can buy a house and a... Read More

Condo-Hotels ? A New Second-Home Alternative to Time Shares

Condo-hotels have evolved as a better, more reliable second home... Read More

Realtors Brainstorm For Business

Even though rates are down opening up the market for... Read More

How Do I Fix Up a Home to Sell?

The first thing you need to do is stop thinking... Read More

Do You Want To Sell Your Rehabs Fast?

That's an obvious question ? we all do! So what... Read More

San Antonio Texas Real Estate

The San Antonio, Texas real estate market is still going... Read More

Investing In Land

Changing social trends point to a huge rise in demand... Read More

European Second Home Prices Wilt in Drought

Spain and Portugal have suffered one of their worst droughts... Read More

The 5 Biggest Mistakes Made When Getting A Business Appraised

Most business owners will, at some point, want or need... Read More

Real Estate Local FAQs.

There are many frequently asked questions and any local real... Read More

Real Estate Marketing, Do You Use Direct Mail?

Prospecting for leads is by far the most difficult part... Read More

U.S. Real Estate Sought By Foreign Investors Due to a Weaker Dollar

The weak US dollar has been good news for real... Read More

11 Different Ways to Participate in The New Millennium Real State Boom

Many parts of the country are going through a real... Read More

Condos Vs. Condo Hotels For Vacaton Home Ownership

Condo hotels, also called condotels, are a relatively new concept... Read More

A $100,000+ Discount On Miami Condos

By this point and time, many people have heard about... Read More

Branded Email in the Real Estate Industry

Branded Email in the Real Estate IndustryYou're in the real... Read More

Fixing Houses for Resale: Three Beginning Steps to Increase Profits and Have Fun

Real estate investors specializing in fixers make higher profits when... Read More

Expense List for Buying a Home

There are many expenses that come with buying a home.... Read More

Golf and Waterfront Living: Live, Play, Relax

With today's planned lifestyle communities, golf and boating enthusiasts have... Read More

Various Aspects Of The Lease Purchase Business

In a previous article, we wrote why we believe that... Read More

Real Estate Investing Works In Your Area Too!

I hope you had a spectacular weekend!Things have been going... Read More