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Today, we’d like to share three lesser-known facts about real estate appraisals with you. If you’re looking to sell a home, these are factors you need to consider:
1. Appraisers can go back in time. One surprising aspect of appraisals is that appraisers can assess the value of a property from several years ago. This can be valuable in situations where someone has inherited a property and needs to determine its value at the time of the inheritance.
2. Appraisers have access to purchase contracts. When a purchase and sale agreement is in place for a real estate transaction, the appraiser typically has access to the contract details, including the purchase price. While their role isn’t to set the value (as that’s determined by the market), having this information helps them protect the interests of the lending bank.
3. Appraisals are subjective opinions. An appraisal is essentially one person’s opinion of a property’s value based on their research, sales comparisons, and adjustments. In cases where there’s no purchase contract, different appraisers may provide slightly different valuations due to variations in the comparables they use and how they make adjustments.
These are three important aspects of real estate appraisals that you might not be aware of. If you’re considering a real estate transaction or need assistance with an appraisal or property valuation, don’t hesitate to call or email us. We’re here to help!
