Selling a home in Northern Virginia comes with many considerations. The appraisal is one crucial point. Even if you have agreed on a price with a buyer, the appraisal can significantly impact the sale. This post will cover what sellers can expect from a home appraisal in Northern VA.
Home Appraisal in Northern VA: What Sellers Need to Know
A home appraisal is a professional evaluation of a property’s value. They are a standard part of home sales. Lenders order home appraisals since the property will be collateral for the mortgage. It is to ensure that the buyer isn’t overborrowing. Lenders want to know if they could sell the property and recover their funds in a worst-case scenario.
What Do Appraisals Cover?
An appraiser considers several factors when looking at a property. They usually start by searching public records and looking for home sales in the area. This part of the appraisal is to find prices for the sales of comparable properties. They’ll also consider factors like square footage, number of rooms, and the home’s age. Beyond that, the appraiser will go to the property for a visual survey. Once they have all the necessary information, they’ll consider recent comps and adjust for differences.
How Long Does an Appraisal Take?
The appraiser can do the actual work of an appraisal in a few days. However, the process can take up to a few weeks to complete. Usually, the lender puts in a request with an Appraisal Management Company (AMC). The AMC then assigns it to one of their appraisers. Delays are primarily the result of there needing to be more appraisers available. The appraiser might complete the work in a cooler market in as little as a week. However, hot markets can push the timeline back. Issues with the property or its history can also cause delays.
What About Low Appraisals?
Buyers and sellers often find an unpleasant surprise when the appraisal is lower than the agreed price. It causes a problem because the lender will only accept approval if the appraisal is higher. The buyer and seller might need to agree to a lower price if they want the sale to go through. They can also see if they can get a second opinion. You can also challenge the home appraisal.
What’s in an Appraisal Report?
Once the appraisal is complete, the appraiser will issue a report. The report will cover things like the recent sales in the neighborhood and show a street map of the property. It will not only include the appraised value, but it will also cover factors that affect the value. It will also include photographs of the property and notes concerning the appraisal.
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