Home appraisal myths in South Florida!

Whether you own a permanent home in South Florida, or are planning to sell a seasonal residency, you will find that we South Floridians love to make good use of the latest information published on REALTOR.com®. 

In an article written by Cathie Ericson, she offers some valuable advice about some popular myths in the appraisal process.  In part, Ericson mentions, “Putting your home up for sale can be an emotional endeavor.  After you come to terms with saying goodbye to a place where you created countless memories, some stranger with a clipboard comes along and puts a value on what’s priceless to you.

Myth No. 1: An appraisal is the same thing as a home inspection

Although both the appraisal and the home inspection are used as safeguards for the buyer (and the buyer’s lender), don’t confuse the two.  Home inspectors and appraisers have completely different jobs.  Sure, they both poke around your home.  But the inspector’s job is to uncover everything that’s problematic—or could potentially become problematic—with the home, while the appraiser’s job is to find the objective market value of the property.  Got that?

Myth No. 2: The appraiser works for the buyer

The buyer pays for the appraisal, but the appraiser works for—and is hired by—the lender.  It doesn’t matter if you and the buyers have agreed on a price.  The buyer’s lender needs to be on board because it’s the lender’s investment, too.

Myth No. 3: An appraisal will give you the magic number of what the buyer will pay

The appraisal process isn’t an exact science.  In fact, the appraisal is only one opinion of what your home is worth.  It doesn’t dictate how much the buyer should pay, or how much the seller should accept.”

Read the rest by clicking here.

Sound advice?  What are your thoughts South Florida?  Make sure to also check out our What’s Your Home Worth? page!  Feel free to share your thoughts on our blog! 

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Article by: Jeannie M. Ferrara