Fredericksburg Virginia Appraisal Process
Fredericksburg Virginia Home Values and Appraisal Process
Are you a Fredericksburg homeowner and it's time to sell your home? Click here to complete this short form and receive a customized home evaluation report of your Fredericksburg Virginia home emailed to you at no charge. Or Call our Keller Williams Realty Fredericksburg office at 540-692-9144.
The Fredericksbug Appraiser
Licensed appraisers aren't house experts, but they are analysts, able to pull together myriad facts and statistics to arrive at a home's value.
To avoid a conflict of interest, most lenders adhere to the Home Valuation Code of Conduct (HVCC) and use the services of an appraisal management company.
The First Step in the Fredericksburg Appraisal Process
Shortly after you've accepted an offer to purchase, you'll receive a call from the appraiser to set up an appointment to see the home. The time he or she spends inspecting the home varies, depending on the appraiser, but plan on it taking at least 30 minutes.
The appraiser makes note of the floor plan and any improvements, and takes measurements of the exterior of the home to determine the square footage.
The appraiser uses statistics from the multiple listing service, public records, or a combination of both to find recently closed sales that are similar in age, size, location and features to your home. Typically, the appraiser relies on sales within the last 90 days, but may go back as far as six months. She will also use homes within a 1-mile radius of yours.
The Final Steps
The final steps of the appraisal involve comparing your house, which the appraiser calls the "subject," to the comparable homes. She'll use a list of criteria that includes the age of the homes, size, number of bedrooms and bathrooms, location and any improvements made to the homes.
She'll add or subtract value from your home depending on how it stacks up to the comparable houses until she arrives at the market value of your home.
What to Do if You Disagree With the Fredericksburg Appraisal
An appraisal obtained by the lender is paid for by, and therefore belongs to, the buyer. So the lender won't send you, as the seller, a copy. It is up to the buyer to supply you with a copy if he or she is willing.
That said, if the appraised value is determined to be lower than what the Fredericksburg buyer has agreed to pay, the lender will typically not lend on the property and the buyer and seller have some decisions to make.
The buyer can come up with a larger down payment (which brings down the amount of money he needs to borrow). Most buyers think long and hard about this option – nobody wants to overpay for a house.
The seller and the buyer can agree to split the amount that is over the appraised value, with the buyer bringing half the cash to the deal and the seller lowering the price of the home to meet his half of the deal.
Another option, and the one most commonly used, is that the seller lowers the price of the house to meet the appraiser's evaluation.
Finally, the seller can simply walk away from the deal.
Before any of these steps are taken, however, the Fredericksburg buyer and the Fredericksburg seller should review the appraisal to ensure that the appraiser used accurate information in his determination. Appraisers are human and do make mistakes. If errors are found, the buyer can notify the lender and ask for another appraisal.
Start the Process: What is My Fredericksburg Virginia Home Worth Right Now?
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The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which EXP Realty participates, and is provided by BRIGHT through a licensing agreement. The information provided by this website is for the personal, non-commercial use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Real estate listings held by brokerage firms other than EXP Realty are marked with the IDX icon and detailed information about each listing includes the name of the listing broker.
©2019 BRIGHT, All Rights Reserved. Information Deemed Reliable But Not Guaranteed. Some properties which appear for sale on this website may no longer be available because they are under contract, have Closed or are no longer being offered for sale.
Data last updated: Oct 14, 2019 2:42:am.
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