Certified Real Estate Appraisers Expert Property Valuation Services
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Many people who fit the bill have come to see the house, but it has also attracted a wider range of potential buyers like a chef who would use it entertain, and other business people who are interested in the home as a piece of art. The home at 2538 Sundown Drive is for sale at $2.3 million, listed by Compass agents Carl Gambino and Ariel Putman, and was recently shared on real estate fan account Zillow Gone Wild. The property has seen a number of additions over the years since Johns purchased it in August 1977 for $550,000. These towns represent islands of affordability in a state where the median home price is $789,000. California is home to 210 cities, towns and communities monitored by Zillow where the median home values are more than $1 million. We are an independent, advertising-supported comparison service.
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In addition, your real estate agent will help price your home using what’s called a comparative market analysis that takes into account similar recently sold properties in your area. And an agent’s CMA is usually free as part of their listing services. Sometimes a pre-listing real estate appraisal is a helpful tool or supplement to a seller’s pricing strategy.
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To calculate the Redfin Estimate, we combine hundreds of data points about the market, the neighborhood, and the home itself—all to provide you with the most accurate home-valuation tools. A much higher appraisal gives the buyer more home equity, which is a huge advantage if someone wants to avoid mortgage insurance and get a home equity loan or line of credit down the road. Also, the seller won’t be aware of the estimate, so there will be no need to renegotiate. If you feel you received a low appraisal and want to challenge the conclusions in the report, you can contact the lender. It’s best to send the information in writing, and it’s possible a revised appraisal could be ordered. Once the appraisal is complete, it could take at least two weeks to receive the report.
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For this type of house appraisal, a trained and certified appraiser evaluates only the outside of the house and relies on the owner to provide information about the home’s condition and other details inside. A home inspection is a visual inspection performed by a trained professional to determine the condition of a home’s main elements. The inspection usually takes several hours, during which the professional takes multiple photos and notes, tracking information for a final report. After the inspection, the pro will create a printed report, complete with photos and detailed information, summarizing the condition of the house.
However, actual costs can vary widely and depend on a number of factors, including the size of the home and the metropolitan area its located in. Remember to contact a licensed and certified appraiser who really knows the area. You’ll skip this step if you’re borrowing money or refinancing; the lender will arrange for a third-party appraiser. Never hesitate to question the appraiser about their experience, especially in specialized situations such as an appraisal process during a divorce or to verify assets. You should also ask about an appraiser’s level of experience with properties specifically like yours in style, age, and layout, such as split levels, bungalows, historical homes, and so on.
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Whether you call a neighborhood or a recreational farm and ranch home, we have you covered. Aegis Appraisals has the education, expertise, and experience needed to provide you with reliable real estate valuations you can place your confidence in. From determining the best listing price to divorce proceedings to protesting property taxes, we are well versed in the varying reporting requirements different home appraisal uses can have. Learn more about the different types of appraisal services we offer in our services menu.
Unlike a home inspection for the sale of a property, a home appraisal is used for loan applications, property value assessment for sales or settlements (divorce, estate, etc.), and taxes and insurance. If you’re having your home appraised for lending purposes, you’ll likely need a state-certified appraiser, so be sure to your research their credentials. Members of the Appraisal Institute, a global professional organization, have met rigorous educational, testing, and experience requirements in earning their certifications. Bankrate.com is an independent, advertising-supported publisher and comparison service.
The NAR 2023 Appraisal Survey found the median time was 11 calendar days although nearly half of reports were received within 10 calendar days. A buyer pays the cost of the appraisal, which is usually several hundred dollars. An appraiser typically evaluates the property–exterior and/or interior–conducts research and addresses any special requests from the lender. If you’re unhappy with the results of your appraisal, you can submit what’s called a reconsideration of value, but your chances of success with this route are low. You’ll likely need to show that your home’s condition or quality was undervalued in a substantial way or introduce new comps to prove your case.
To get comparative information, appraisers typically review government records as well as home sale information from the Multiple Listing Service (MLS). MLS is a real estate database that includes home listing and sales information posted by real estate professionals. Although the database is technically private, much of the information is available online for free.
Both communities in the Riverside-San Bernardino metropolitan area saw home values dip about 17% in the last year. But if you look hard enough, there are still a handful of cities where the median price of a home is less than $150,000. Under federal regulations, neither the buyer nor the seller can choose the appraiser themselves.
Even though most lenders require an appraisal as a condition of closing on a house, the buyer pays for the appraisal unless they negotiate for the seller to pay instead. The amount a buyer pays for an appraisal depends on various factors, including the size of the home, the home’s location and the amount of property research that the appraiser ends up doing before they issue a final value report. Home appraisals and home inspections both assess your home and provide a report summarizing the condition or value of your home based on key measurements.
The report is usually sent to the buyer when the lender gets it, at least three days before the closing date. If you want a quick ballpark idea of your home’s value, you can always input your address into a Home Value Estimator for a fast and near-instant check as a starting point. “In an area like Palm Springs, lack of air conditioning will hurt marketability,” he shares.
If there is no regulatory body that licenses home inspection in your state, there are other ways to make sure you are hiring a trustworthy professional. Carefully look into the person’s reviews and ask for references. Ask if they are committed to continuing education, and whether they are active members in any reputable home inspector organizations. Some organizations that recognize and/or certify home inspectors are the American Society of Home Inspectors, National Association of Certified Home Inspectors, and American Home Inspectors Training. The appraisal results are out of your hands, so as the buyer, all you can really do is hope the outcome is to your liking.
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