Avoid a Costly Mistake by Getting an Appraisal Done Before Buying a Home
Buying a house is one of the largest investments most people will ever make. In order to get the highest value for your dollar, you’ll want to make sure you’re paying Fair Market Value.
Choosing a certified property appraiser will give you an unbiased expert opinion of the value of your dream home — Before you submit an offer.
Before You Buy: The Home Appraisal Process
Along with reducing the risk of overpaying for the home, having a discussion with an appraiser before you sign a purchase contract is important for two different reasons.
First, you’ll be able to determine how a bank may look at the value of the property, which is very important if you are taking out a mortgage. This may give some insight into how a lender may determine the equity in the home. This could avoid a surprise later.
Second, you’ll have some hard data about the true nature of sales in the area to strengthen your offer or counter offer. This provides great support if (or when) you explain to the seller how you arrived at the price you are willing to pay.
If the appraisal comes back at a higher than the sale price, you’ll feel better about proceeding knowing you are paying a fair price for the property.
However, if the appraised value is lower than the asking price, you’ll be saved from paying too much for the home. You might use that information to negotiate with the seller in order to get the price down.
Choosing an experienced appraiser is imperative. Every Appraiser at Chicago Appraisals has had extensive training along with several years of on-the-job experience and regular continuing education. As appraisers, we know all the factors that could influence a home’s value. Our experience and local knowledge makes all the difference in providing an accurate opinion of the market value.
Factors of a Home’s Appraised Value
When appraising a home before you buy, a skilled appraiser will consider:
- The recent sales of similar properties in the area
- The home’s amenities and physical condition
- The neighborhood
- The home’s physical characteristics (age, number of bedrooms and bathrooms, lot size, etc.).
These considerations will play an important role in the property’s appraised value.
Contact Chicago Appraisals Before Purchasing a Home
Having an appraisal is an important part of the home buying process as it establishes a property’s market value.
Yet, not all appraisals are created equal. It’s important to enlist the services of a professional, experienced appraiser before you submit an offer.
Chicago Appraisals has been trusted by homebuyers over the years. Ordering an appraisal before you buy a house could save you money and/or heartache. Contact us today to learn more about our appraisal services exclusively for home buyers.
The law surrounding purchasing real estate is complicated and the facts of each case are unique. This article provides a brief, general introduction to the topic. This is not legal advice. As with any legal matter, we highly recommend consulting with an attorney.