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Tuesday, June 26, 2007

Answering Anne's Question

ASK AC ASSOCIATES received a question regarding Home Appraisals...

Anne asks.... "I'm putting my house up for sale soon, should I have a Home Appraisal ?"

There are many reasons for having a home appraisal. A new mortgage, a second or home equity loan, estate sale, divorce settlement, insurance claim or when selling your home.

Each requires an appraisal from an appraiser. An appraiser will make note of any improvements, repairs needed or any defects, may take photos of homes that sold in your area, contact real estate agents in your area that sold homes to get additional information regarding those sales. After all the information is collected, you will receive a written report with the opinion of today's market value of your property. When selling your home, you want a realistic view of your home's value. If your expectations are set unrealistically, this can ultimately cause disappointment down the road.

The home appraisal provides information for both the seller and buyer and if you are not offering owner financing, the lender.The lender does not want (owning) property that is overpriced. The lender will approve a loan after an appraisal is completed.

You can see additional information on my prior post: Tips for Pricing your home

Read the Myths & Facts on Home Appraisals:

Thank you Anne. I hope I have answered your question. Should you have any other questions , please do not hesitate to ASK AC ASSOCIATES

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