APPRAISE and INSPECT BEFORE LISTING!

Technorati Profile
. KNOW THE VALUE BEFORE YOU LIST:
Traditionally, home owners have relied on Realtors to determine what the listing price of their home should be. The agents who propose the highest price are usually awarded the listing contract. I do not doubt some agents' knowledge of their trade but let's face it, real estate agents are not appraisers! This distinction is more important now that the market is saturated with properties for sale. Price reductions are common after the property has been on the market for some time. Buyers often look for those and expect more reductions. In the long run, the seller settles for a price way below their initial listing.

. KNOW THE CONDITION BEFORE LISTING:
Few agents advise the seller to have the property inspected before listing it. By having the property inspected, the seller is made aware of the existing problems such as the adequacy of the existing electrical, heating, cooling, roofing, flooring and other systems. Appropriate repairs can be made or at least be known before hand.

. MAXIMIZING THE VALUE:
A seller who has had his property appraised and inspected is in a much better position than one who has gone to the market blind. This seller knows what to expect rather than hoping and praying that a buyer comes along and makes an acceptable offer. He can maximize the value of his property in many ways:
1. Realistic pricing: the appraisal provides a solid basis for pricing,
2. Days on the market: wrong pricing results in multiple price reductions,
3. Shelter against "low ballers": bargain hunters will be detected immediately,
4. Better planning: the seller has a better idea of what he may net from the transaction,
5. Strong bargaining position: buyers sometimes use their own inspections to ask for concessions.

. NEWS FROM THE MARKET:
Appraisers have been reporting that more properties sold recently have appraised above the sales price, this can be attributed to the fact that no pre-sale appraisal was done. Keep in mind that in a normal transaction, the lender orders the appraisal,( paid for by the buyer), for the purpose of establishing the value of the collateral. The seller never gets a copy, the buyer does!