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What Happens During the Buyer Appraisal?
Congrats! You’re almost to the end of the long home seller journey. But don’t run out of energy now! You’re almost there. Here are a few things to consider as you approach the buyer appraisal. There are a few fears and misconceptions that many sellers have, but don’t get overwhelmed.
What is a Home Appraisal?
A home appraisal is an unbiased estimate of a home’s value. A licensed appraiser is the person to complete this assessment. In addition, the appraisal is typically ordered by the buyer’s lender. They want to ensure that the property’s value matches the agreed-upon sale price. The appraiser will evaluate the property’s condition, location, and features to determine its worth.
Is the Appraisal the Same as a Home Inspection?
No, an appraisal is not the same as a home inspection. The appraiser is not there to inspect the property’s condition, but rather to evaluate its value. They will take note of any significant issues or improvements needed. But don’t worry, they will not perform a thorough inspection. Their only job is to verify that the sale price is accurate.
What Happens if the Appraisal Comes in Low?
Many sellers worry that the appraisal will come in lower than the sale price, but this is not a cause for panic. Low appraisals are rare – especially if you priced your home competitively. If you priced your home accurately, there’s nothing to worry about.
However, in the off-chance that the appraisal does come in low, there are remedies available:
- You can adjust your sale price to match the appraised value
- The buyer can pay the shortfall in value out of pocket
- You and the buyer can agree to split the difference
What Should Sellers Do to Prepare for the Appraisal?
It’s probably enough to make sure your home looks its best during the appraisal. But there’s no need to panic if you’re in the middle of moving. The appraiser will have access to the marketing photos and listing information to view as well. Try to tidy up but don’t go overboard trying to perfect the home’s presentation.
Do I Need an Appraisal if the Buyer is Paying Cash?
No, if the buyer is paying cash, an appraisal is not needed. However, it’s still a good idea to have the property evaluated to ensure that you’re selling at a fair price.
We’re Here Whenever You Need Us
As a VIP buyer, you can expect a personalized and seamless experience as you close on your Jacksonville home. Our team will always work in your best interests and make sure you find your dream home. Hundreds of happy clients will tell you what it’s like working with our team! And we’d love it if you leave a 5-star review of your own!
Give us a call right away at (904) 544-5252 if you need help. You can also use the form on this page and we’ll be in touch right away. And if you need to sell your current home, we can help with that too!