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Why should a seller pay for an appraisal?
Buyers can't get much better assurance than an uninterested third party certifying your home's value.
Since real estate dealings involve large dollar amounts requiring serious attention, sellers can boost their home's odds of selling by getting the professional opinion of a professional real estate appraiser. Real estate appraisers have only one job. that's to evaluate homes and they don't have a vested interest in the transaction. Their job is to document an unbiased estimate of the value of the home. An advance appraisal can help you get the higest value possible for your home because of what that unbiased opinion of value does for the buyer's confidence that the home is worth what you're asking.
While inspecting the home, the real estate appraiser determines the quality of construction, the condition of the total property, and its design. They compile data on the property as a whole by making notes and searching public records for the details of other property assessments, past sales and leases, and any other transactions.
Negotiate with the appraiser in advance for a transfer of the appraisal to the new buyer.
The home appraisal is a valuable asset that is part of the home, but it loses its value to the seller as soon as the home is sold. Why not offer that appraisal to the buyer? The borrower would save $250 to $500 (or even more), which, in turn, can help you increase your odds of actually having a meeting of the minds to begin with. In addition to helping reassure the buyer of your home's value, you can get some of the expense of the initial appraisal back by simply transferring it to the buyer. In addition to saving the buyer money, you also guarantee that the loan won't fall through because of a different (lower) appraisal, because if the borrower hires their own appraiser, there's a risk of that appraiser will think the home isn't worth what they're paying.
For a very small charge, usually $25 to $50, you can have the appraiser reassign the appraisal to the buyer. In this real estate market, buyers can walk away from a contract for any reason and, sellers must use every tool possible to make sure their deal makes it to the closing table. Getting an advance home appraisal is a good, inexpensive bone you can toss into the deal to show your good faith and cooperative spirit as a seller. It not only increases the buyer's confidence in you, but it might put a few thousand extra dollars in your bank account as well!
Whether you're selling your home in Las Vegas or rearranging your Texas real estate holdings, the same rule goes into effect: Your potential buyers will most likely doubt the asking price. That's just the plain truth -- like it or not. After all, a transaction like this is a life event.
Marilyn Lukas is an Accredited Buyer Representative in Las Vegas, Nevada.
Search her website for new homes and resale homes too.
Price it Right and Sell it Quickly
When you're getting ready to sell your home, either in Las Vegas if you're moving up or somewhere else if you're moving to Las Vegas, if you want to sell it quickly you have to list it at the right price. The higher your price, the longer it will take for you to sell it. Even if you need the money out of your home to purchase a new home, sometimes it makes more sense to drop the price a little bit in order to sell it quickly, especially if you already have a contract on another home.
Quick Sale Versus Higher Price
The key to a quick sale is to list your home just a little bit less than other similar homes for sale in your neighborhood. If you are selling your home through a Realtor, your agent will be able to do a market analysis and tell you at what price other homes like yours have sold. Las Vegas Realtors know the market and can help you set a realistic price point that will be to your best advantage.
It is important to realize that the best sale price is not the highest price you can get from your home, but getting the highest price in the shortest amount of time. Your time is valuable as is the money you spend on yout house while it is in the selling process. Taking these factors into account puts the matter into a new light. If you are selling when there is a depressed market, you may have to not only lower your price after it goes on the market, but also offer other amenities such as help with settlement costs in order to obtain a quick sale.
If you want to sell your home at the highest price, you have to be willing to wait until you can get the best price; in other words, go with the market rather than your own needs. This may mean selling your home before you have another one, and unless you have relatives with whom you can stay afterwards, you may defeat your purpose by having to move into short term rental housing until you find another home. In some cases, the buyer may be willing to wait, especially if they are able to stay where they are a little longer. But in most cases, once a buyer knows the new mortgage is approved he wants to close within a week or two.
Home Condition Impacts Price and Speed of Sale
Another thing some sellers fail to take into consideration when pricing their house is if their home is in the same condition as other homes that sold for a top price. If you have not kept your home in top condition, you are not going to be able to sell it at the same price as other similar homes. You can, however, price it to sell quickly by lowering your price to offset the repairs the new owner will have to do. You have to realize, though, that you can only do this with cosmetic repairs -- as a general rule roofs, heaters, and air conditioners will have to be repaired before settlement. Things like replacing tired landscaping, fixing windows and shutters, painting, and other similar projects can be delayed by lowering your asking price for the home. In fact, some people like the idea of buying a home they need to fix because they can tailor it to their needs. Whatever you have to do to make the sale in the shortest reasonable time is to your benefit.
This information was provided by Colorado's Longmont real estate specialists, Automated Homefinder.
