Ocean City Home Selling Tips: What is a Home Appraisal?
True, a real estate agent can suggest a selling price for your home if you intend to list it with their office. This is common practice and a part of the value of selling through a REALTOR. However, this should not be construed as an official appraisal.
An appraisal is the valuation of your property by a qualified appraiser for a fee. This is based solely on the amount of work involved-not the market value of the property. His/Her detailed written instrument will carry its full weight as documentation if used in any official capacity such as for tax or legal problems.
An appraiser will provide you with a dated document which will cover in detail all of the elements which go into the valuation such as: prices of comparable properties that have sold, value of location, construction, age and depreciation of the property, zoning, restrictions and reproduction costs. If it is income property, he will capitalize the present and future income potential. Qualified Real Estate Appraisers will probably be members of the American Institute of Appraisers.
If you have any questions about the appraisal process on your Ocean City home or condo, please contact us!