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Understanding the Appraisal Process

Understanding the Appraisal Process

When it comes to selling property, a long process is involved. One of the steps to getting your property sold is appraisal. Appraising is the process of giving your property its money worth. So just how long and how is a property appraised?

To answer the first part of the question, a property appraisal normally takes under seven days. The appraiser will give your property a visit to see its condition. He/she will then come up with a detailed report that is normally handed over to the moneylenders. Normally, it takes approximately seven days before you hear from the moneylenders.

Moving on to how a property is appraised, it is important to look at the aspects that will either make your house get a high or low appraisal. The simple things make the difference.

The first step to appraising a house is getting an appraiser to your house. The appraiser will come to check the condition of the house. Before they get there, however make sure that it is in good condition. Paint your walls if they are peeling, clean your carpet to remove the stains and make sure that there is no peculiar smells. Trim your lawns and keep the environment clean. Burn or get rid of the trash lying around to make your environment clean. Make a good first impression and you are one-step nearer to selling your house.

From here then you can expect the agent to give you an estimate of your house worth. You can give your asking price, which has to be reasonable. The agent gives you an estimate depending on previous sales of property within your locality. To have an accurate figure they will have to visit the property sales data bank. After which they will give you the figure that your house is worth. You can also carry out a research on the same properties in your locality that sold and how much they cost to verify the price that the appraiser will give to you.

They will then come up with a report, which is approximately ten pages, which should go to the moneylenders. The good news is that if you feel the price that the appraisers gave you is too low, you can do the above mentioned things before involving another appraiser.
In conclusion, your property will get a high appraisal if it is in good condition so invest money and time to make it appealing.

To find out more, fill in your details for a Free Evaluation at The Property Buyers Uk Contact Form.

November 30th, 2015|Blog|Comments Off on Understanding the Appraisal Process