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What Is An Appraisal?
(page 2 of 2)
3rd Step - Reconciliation
After thoroughly researching and inspecting all of the above aspects,
an appraiser will then set the fair market value of the property. The
amount arrived at, however, is not necessarily the final listing or selling
price for the property. There are many mitigating factors that will have
bearing at the time an agreed price is reached between buyer and seller.
How quickly a seller must find a buyer, whether or not they are selling
to create cash flow for another investment or family emergency or are
they embroiled in a division of property due to divorce proceedings can
all have an effect on the final price. If someone else has expressed an
interest in the same property, this to can cause the asking price to rise
above the appraisers determination of value. Whatever the case may be,
the appraised value should be an unbiased evaluation of the market value,
less any of these conditions, should they exist.
One Last Consideration
Sellers seeking an appraisal need to determine before the appraisal
takes place, whether or not they want to make certain improvements to
the property that may substantially increase the market value, and thus
facilitate a higher selling price. By simply putting a new coat of paint
on a home, which could be a relatively inexpensive improvement, the initial
first impression of a prospective buyer will be a much better one than
if they had not chosen to do so. However, if the seller replaces all of
the bathrooms, or puts an extension onto the home, the return may not
be commensurate with the expense.
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