Preparing for Appraisals Contracts and Comps
Below is a MRR and PLR article in category Finance -> subcategory Real Estate.
Preparing for Appraisals: Contracts and Comparable Sales
When you're gearing up for a home appraisal, understanding how contracts and comparable sales (comps) influence the process is crucial. Here’s what you need to know.
Your Contract
An appraiser considers the contract between independent buyers and sellers as a key indicator of a home’s value. Transactions between relatives, on the other hand, can often result in a lower appraisal value. To ensure accuracy, provide the appraiser with a clear copy of your sales contract if you’re selling to an unrelated party.
Comparable Sales
When selling a primary residence, it’s likely that the buyer will also use it as their primary home. In these cases, appraisals focus heavily on recent sales of similar homes in the neighborhood. The potential rental income or replacement cost of the property is usually less relevant.
Appraisers will look for homes that have sold nearby in the past few months. If you know of a favorable sale of a similar home, share this information with the appraiser. Make sure your details are verified, perhaps by checking the sales price at the courthouse, rather than relying on neighborhood rumors.
When offering this information, be tactful. Aim to be informative and supportive without appearing to doubt the appraiser’s expertise.
By understanding and effectively preparing for these aspects, you can influence a more accurate and favorable appraisal.
You can find the original non-AI version of this article here: Preparing for Appraisals Contracts and Comps.
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