size, condition, features, as well as comparable sales in the area. Appraisers follow standardized methods and comply with professional standards to determine a price that a property would bring under normal market conditions. Lenders typically require appraisals during the mortgage process to ensure the property's value supports the loan amount, protecting both the lender and buyer from overpaying. Appraisals differ from comparative market analyses performed by real estate agents, as they are more formal, detailed, and conducted by professionals specifically trained and licensed to determine property values. What if nothing like your property has sold recently? The value will depend on the appraiser's guidelines. Having worked with many appraisers, I know that appraisers have some latitude for utilizing comparable sales, areas, and timeframes. "The appraisal came in low," is dreaded news. However, a skilled agent, having conducted a comprehensive Market Analysis, should have the right data to assist in having the appraisal reviewed and/or reconsidered. Additional or new data can be submitted as part of the review process. I have had appraisals revised, appraisers reassigned, and changed lenders for greater area or property expertise to protect my clients' interests. An appraiser is charged to be objective, thorough, and complete. An agent can help by providing adequate data, floor plans, site plans, and information pertaining to updates and special neighborhood considerations that might influence the appraisal outcome.
SELLING YOUR PROPERTY FOR BEST VALUE
As discussed, there is no absolute certainty in setting your
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