How to Get a High Home Appraisal
The one thing that both sellers and buyers want is a successful and smooth transaction. Thanks to the real estate agent, this is possible but one thing always stands in the seller’s way: the home appraisal value. If the house is not appraised at the right value, the seller could be looking at a huge loss, no matter how recent or big the renovations.
This is why it is recommended that before making any major renovations on your home for sale in Novi, Michigan, consult a real estate agent and get to know about the current housing trends. If the house is not appraised as you expected, then the deal can spiral out of your control.
The appraiser looks at many aspects of the house before determining its value. However, if you are concerned that the appraiser might miss something and accidentally appraise the house at a low value, then we have some advice for you.
Following are three secret keys that will help you get a high home appraisal:
1. Do Your Homework – Information is King
It takes an appraiser around thirty minutes to check out the house and come to a conclusion. Since they have inspected so many homes, they can easily spot a repair at first glance. However, it is possible that they miss something. Same goes for the information about the comps. Since, you have been into your neighbors’ houses, you know more about how they are similar to your house. So, create a file that has all the documents of the house, the receipts of the repairs and renovations you got done and any DIY projects you did. Hand the file to the appraiser when he arrives, so that he knows every little detail about your home for sale in Novi, Michigan.
2. Repair is the Name of the Game
You see it’s broken then get it fixed immediately… no matter how small or big the repair is. Maintenance, also known as the “effective age” of the house, plays a huge role in the home appraisal. Little details such as a crack in the corner of the window, chipped tile in the bathroom, a crack in the foundation of the fire place, etc, all these can lower the value of the house by small amounts, which can quickly accumulate to a huge number. So, go over the house with a fine tooth comb and get all the repairs fixed before the appraiser arrives.
3. Clean, Clean and Clean
While a clean house doesn’t affect the value of the house but it sure can put the appraiser in a bad mood. However, things like soiled carpeting, overgrown lawn grass and marks on the wall can definitely affect the house value. So, better get to cleaning.
These three secret keys will not just help you in getting a high appraisal on your home for sale in Novi, Michigan but also a speedy sale. So, make sure that you are prepared when the appraiser arrives and don’t forget to hand him that file. Looking for a real estate agent to help with your house sale? Visit Homes2MoveYou or please feel free to call me @248-790-5594
When you hire a home inspector for your home for sale in West Bloomfield, Michigan, you are often afraid of losing the house because this is the time when the house reveals its secrets. When the home inspection goes on for long, you become disappointed that you have to let go of your dream house.
However, why retract the offer when you can come up with a counteroffer? Yes, there might be a few repairs but those can be easily dealt with if the seller agrees to offer you a few warranties or other incentives.
Let’s have a look at what this inspection holds for you and your dream house:
The first thing you need to do is stop worrying about the home inspection. The inspector will make sure that all problems are noted down. These problems are invisible to an untrained eye, so you can trust the inspector. Once the report is in your hand, consult with your real estate agent and come up with a counteroffer if you don’t like the results.
The Connection between the Inspection Report and the Appraisal Value
As mentioned earlier, major repairs in the report can affect the appraisal value of the home for sale in West Bloomfield, Michigan. If the seller lied on the home inspection report, then according to the State Law, he has to cover all the repairs.
The report covers the following areas:
The report provided by the inspector covers the following things:
- Repairs in the house
- How the repairs can be tackled
- Repair costs
Hiring a Home Inspector
Before hiring a home inspector, ask him the following questions:
- How much experience do you have in this field (5 years is a good number)
- Are you licensed?
- Explain to me your charges?
- Can I see a sample report?
- How much time will it take to make the report?
- Which areas do you check and which ones do you leave out?
- Water pressure
- Attic leaks
- Electrical wiring
- Strength of door and window frames
- Installation of safety features (smoke and carbon monoxide detectors)
- HVAC system
- Lead paint
Negotiating – Preparing the Counteroffer
Once you have the report in your hand, calculate the cost of the repairs and compare it with the house’s value? Is it worth it? By law, the seller is only required to fix anything that:
- Compromises safety
- Violates building code
- Might cause structural defects
Now is the time for you to negotiate. Here, you have two options:
- Tell the seller to make the repairs (ask for the invoice)
- Present the seller with a counteroffer, in which you have lowered the house’s price in exchange of you taking care of the repairs
So, there you go… these are the surprises you need to look for when buying a house. This is why, better get the home appraised before the home inspection, so that you are one step ahead. If you want to buy a home for sale in West Bloomfield, Michigan that falls under your budget and has all the features you need, then visit Homes2MoveYou. Get in touch with a real estate agent and start seeing houses in areas of your liking.
Property inspections can be a confusing step in the real estate buying process. Home buyer emotions tend to be high and there is a lot of information to process. Understanding how inspections function may make it less difficult to deal with when the time comes. The following is advice on interpreting Farmington Hills Michigan inspection reports.
Inspections afford buyers the chance to scrutinize the major systems in a home, analyze more closely the property features, and understand how everything in the property functions. Buyers should select a certified inspector to perform this task. They typically inspect the hardware, utilities, and structure of a home. Inspectors take varying techniques, but most will check the exterior and interior and provide a comprehensive report. Home buyers should stay with the inspector and see as much as possible about the home. If any problems are identified, buyers should view the area in question personally and get a complete understanding of it. Remember that even though inspectors attempt to complete a complete inspection of each area of a property, they cannot view into walls and other unreachable areas, so there are limitations.
When home buyers see a home, they understandably only notice the most visible defects. An experienced inspector will uncover issues that may not be obvious or disclosed and write those problems in a report. Buyers must then form an opinion about the details of the issues. Attending the inspection will, again, help with this.
Suggestions for Renovations
Also included in inspections are basic suggestions for home owners. These are not necessarily critical items, but rather ways to protect against future ones or to improve the benefits of a home. For instance, an inspector may suggest that the grading around the foundation be increased to diminish the likelihood of water entering the foundation.
Interpreting The Report
Buyers must interpret inspection details and distinguish defects from suggestions. They can try to negotiate issues, but it is not prudent to ask sellers to perform upgrades. Properties are generally priced based on age and condition. If upgraded throughout, it would be priced higher than the existing price. For things that are in fact issues, a negotiation process must be completed.
Advice On Interpreting Farmington Hills Michigan Inspection Reports
Speak with your real estate broker for suggestions on how you should proceed. Remember that inspections cover both defects and general tips, and that attempting to demand upgrades can compromise the deal. Inspections are not an opportunity to renegotiate price but rather a chance to resolve serious problems that were not predictable. Consider different strategies and potential results with your real estate agent. This advice on interpreting Farmington Hills Michigan inspection reports was provided by Tom Gilliam at RE/MAX Classic. Contact Tom for more assistance on home inspections and other procedures related to the home buying process.