If you’re thinking of buying or selling real estate, you’ve probably already discovered that an appraisal is a required part of the buying and selling process. Whether your realtor suggested you get an appraisal to determine the value of your property or your bank refuses to give you a mortgage until an appraisal is done, you probably know by now that an appraisal is pretty important.
At County Appraisals Inc., we’ve been offering premier real estate appraisals in Napa County, CA for nearly 10 years. Over that time, we’ve been asked a lot of questions about the appraisal process. If this is your first time looking into getting an appraisal, here are a few things we think you should know.
An appraisal is not an inspection
An appraisal and an inspection are equally important when selling or purchasing real estate, but they are not the same thing. An inspection is done to determine the condition of the property and identify any repairs or problems that may affect the price of the property and need to be addressed before the sale is official. An appraisal, on the other hand, is to determine the value of the property. An appraiser will look at different factors of the property, such as size, condition and improvements, and then compare your property to similar properties in the area to determine its fair market value.
The seller is usually responsible for the appraisal
While this is not always the case, the seller is usually responsible for the appraisal. The appraisal actually should be done even before you put your house on the market so you know what price to ask for. You don’t want to sell your property below market value, but if you are asking too much, you will find it difficult or even impossible to find a buyer.
On the buyer’s side, no credible lending institution will lend you the money to purchase the property without knowing that an impartial appraisal has been completed to determine its fair market value.
How long the appraisal process takes can vary
The appraisal process can take anywhere from a few days to a few weeks to complete. In the first step of the process, the appraiser will come out to your property, take photos and document the different features of the property. This first step may only take a few hours; however, sifting through the data and making comparisons to other similar properties in the area takes time. In some cases, the appraisal may only take a few days. However, with new federal guidelines in place, some appraisals can take up to 2 to 3 weeks to complete.
Getting an appraisal may seem a bit intimidating at first, but at County Appraisals Inc., we do everything we can to make sure our clients understand the process and feel comfortable with it every step of the way. If you have any questions about real estate appraisals in Napa County, CA that weren’t answered here, let us know. We’d be happy to answer any questions you might have!
Categorised in: Real Estate Appraisals
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