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After The Home Appraisal - 5 Things To Do

Your property has successfully undergone the appraisal process - congratulations. After diligently preparing your home, compiling the necessary documentation, and presenting your property in the best light to achieve an optimal valuation it may seem like time to relax - but it’s not. There are 5 more things to do after the appraisal is completed.

after the home appraisal

After receiving your home appraisal, there are several steps you need to take next, depending on the outcome:

 

1. Review the Appraisal Report

Carefully read through the appraisal to understand how the appraiser determined the value of your home. Check for any errors or omissions that might affect the value.

If you hire an appraiser privately, you will get a copy of the appraisal to review. However, if the appraisal was ordered by a bank, then the bank will get the appraisal. Similarly, if it was ordered by an attorney, the appraiser will send the finished report back to the attorney. In these instances, you will need to request a copy of the appraisal.

If this appraisal was completed by the lender on the borrower’s behalf, the seller often does not get a copy of the appraisal. While you can request a copy from the buyer (through your real estate agent) it is the property of the buyer and they don’t have to share it with you.

 

2. Address Discrepancies

If you notice any inaccuracies or disagree with the appraisal, you can challenge the report. This involves providing additional information or evidence, such as recent comparable sales in your area that the appraiser might have missed.

Need to challenge the home appraisal? If you believe the appraisal is inaccurate or that your home is worth more/less than it was appraised for, you can challenge the appraisal. But - you must be prepared to point out mistakes the appraiser made in comparing other properties or by missing new or upgraded features in your home.

 

3. Discuss with Your Lender

If the appraisal was for a loan, discuss the results with your lender. A lower than expected appraisal can affect the loan amount or terms. If necessary, you might need to renegotiate the loan terms or consider a different lender.

 

4. Plan For A Sale & Consider Renovations

If you had a pre-listing appraisal done, you will want to use the appraisal to set a competitive price that reflects its market value to help attract buyers and expedite the sale process. This might mean changing your sale price.

Because the appraisal identifies areas that decreased your home's value, you might also consider making improvements or renovations to increase its market value.

In addition, the sketch done by the appraiser can be used as a marketing tool. A floor plan sketch providing accurate square footage is also a valuable visual image of the layout of your home.

 

5. Keep the Appraisal for Records

Even if no immediate action is needed, keep the appraisal report for your records as it can be useful for future reference, especially in managing your property portfolio or for insurance purposes.

 

Need An Appraisal In Phoenix AZ?

No matter what you need - single family home, age restricted community. condo, golf property, exclusive estate or mobile home - there's nothing we can't handle in the Phoenix area including Scottsdale, Chandler, Gilbert, Mesa, San Tan Valley and surrounding areas.

Give us a call to schedule your appraisal.

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