When buying or selling a property in Raleigh, North Carolina, it is important to ensure that the appraisal process is thorough and accurate. To aid in this, sellers often provide specific information to appraisers that can assist in determining the market value of the property. Raleigh North Carolina Seller's Information for Appraiser provided to Buyer typically includes: 1. Property Details: This section highlights key information about the property, such as its address, square footage, number of bedrooms and bathrooms, lot size, and any additional features like a swimming pool, garage, or special amenities. 2. Property Improvements: Sellers may provide a list of recent renovations, remodeling, or upgrades made to the property. This can include information on kitchen or bathroom renovations, new flooring, HVAC system upgrades, roof replacements, or any other significant improvements that may impact the property's value. 3. Maintenance and Repairs: Appraisers need to understand the condition of the property, so sellers often provide details regarding regular maintenance and repairs. This can include records of HVAC or plumbing inspections, electrical system updates, pest control treatments, and any other relevant information that demonstrates the property's upkeep. 4. Property History: Sellers may provide a summary of the property's history, including the year it was built, previous owners, and any significant events or modifications that might impact its value. Information about past sales, repairs, or renovations made by previous owners can also be included, giving the appraiser a comprehensive understanding of the property's background. 5. Comparable Sales: Sellers may provide a list of comparable properties in the area that have recently sold. This aids the appraiser in assessing the property's value based on recent market trends and similar sales. It's important to note that these are general categories of information that sellers typically provide to appraisers, but the specific details and format may vary. These details help appraisers accurately evaluate the property's value, taking into account both objective factors like square footage and subjective elements like condition and upgrades. By providing a comprehensive Raleigh North Carolina Seller's Information for Appraiser, sellers assist in ensuring a fair and accurate appraisal process.
Raleigh North Carolina Seller's Information for Appraiser provided to Buyer
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?In general, it's nice to have somebody there as long as they don't interfere with the process,? said Graham. ?Be there to answer questions and provide necessary access, but just know when to keep your distance and let the appraiser do their work.?
A home appraiser's job is to assess the condition of your home and to provide an expert opinion on its estimated market value. They examine factors such as a home's condition, comparable recent sales, and any special features that could impact the property's value.
The Appraiser must verify transactional data via public records and the parties to the transaction: agents, buyers, sellers, Mortgagees, or other parties with relevant information.
An appraisal can come in low because the appraiser isn't selecting truly comparable sales for his or her analysis. This can happen if the appraiser doesn't know the local market well.
If you have a previous appraisal, I might suggest you use my Appraiser Info Sheet to share information appraisers tend to ask about, and then say nothing more than, ?I have a previous appraisal if you want to see it.? If the appraiser doesn't want it, that's fine. If the appraiser does, that's fine too.
Unless the purchase contract requires the buyer to share the appraisal, it may not be mandatory. You need to consult a local attorney to review your agreement and render an opinion on the appraisal sharing requirement if there is one. Also, ask the attorney about the ramifications were you to break the contract.
Will the homebuyer receive a copy of the appraisal? A. Yes! Regulations allow real estate agents, or other persons with an interest in the real estate transaction, to communicate with the appraiser and provide additional property information, including a copy of the sales contract.
What is an appraisal contingency addendum? An addendum is a separate form that, once signed by the buyer and seller, becomes part of the sales contract. Appraisal contingency addendums are state-specific and allow buyers to move forward with their purchase under certain agreed-upon conditions.
Just keep your communication to the appraiser about the facts of the home and neighborhood, how you priced the house, and any other relevant information you think the appraiser should know. And remember, don't discuss value. Don't pressure the appraiser to 'hit the value' and you'll be fine.