What is an Appraisal?

An appriasal is just a professional's opinion of the value of your house. Determining that value is not an exact science, although there are techniques that allow appraisers to make fairly good estimates. They will usually compare your home to others that have been sold recently in your area, and adjust the value of your home verses the others based on differences in features. A good appraiser can provide you a good estimate that allows you to set a price for your home. They generally charge between $350 and $500 for their services.

Important Facts About Appraisals

If you pay for an appraisal, the buyer may not be able to use it. The lender that's handling the buyer's financing has the right to order a new appraisal, and they usually do so. Also, if you have your house appraised, and any significant amount of time passes before you get a contract on your house, you might be required to have another appraisal done.

Appraisal values are not necessarily final. Remember, an appraisal is an opinion. Many of the comparisons the appraiser makes involve judgement calls. An appraisal simply gives you an estimate as to how your house compares with similiar ones that sold recently. It mainly allows you to set a fair market price, which may change during negotiations.

Finding an Appraiser

Try the Yellow Pages - it's always a good resource. There are also places online, such as ServiceMagic.com, that can help you find local appraisers.