December 2007
Seller tip: be proactive by getting the appraisal done yourself

Whether it's North Texas real estate, Boulder real estate up in Colorado, or some villa on the Mediterranean seacoast, you'll see the same basic rule: your future buyer will likely take issue with your asking price. You can expect to observe this happening no matter how much you think it's worth. It's just the way people are. In all fairness, you have to consider the fact that buying a home involves a lot of money and people need to be careful.

Nothing reassures buyers more than an unbiased third party certifying your home's value.
Because real estate involves such a large amount of money, sellers do well to get the advice of real estate appraisers. Real estate appraisers have only one job. that's to evaluate homes and they don't have a vested interest in the transaction. Their job is to provide an unbiased estimate of the value of the home. By getting an appraisal in advance you ensure that you get top dollar for your home because of what that unbiased opinion of value does for the buyer's confidence that the home is worth what you're asking.

While evaluating the home, the real estate appraiser evaluates the quality of the home's construction, the condition of the total property, and how dated (or outdated) the home may be. They compile data on the property as a whole by making notes and searching public records for the details of other properties, past sales and leases, and any other transactions.

Negotiate with the appraiser in advance for a transfer of the appraisal to the new buyer.
If used properly, an advance home appraisal is a tangible asset that is part of the home, but it loses its value to the seller as soon as the home is sold. Why not offer that appraisal to the buyer? The borrower would save $250 to $500 (or even more), which, in turn, can help you increase your odds of putting a deal together in the first place. In addition to helping reassure the buyer of your home's value, you will surely be able to get some of your appraisal cost back by giving it to the borrower. In addition to cutting down some of the buyer's expenses, you also guarantee that your home will appraise, because if the borrower hires their own appraiser, there's a risk of that appraiser will think the home isn't worth what they're paying.

For a nominal fee, usually $25 to $50, the appraiser will transfer the appraisal to the buyer. In today's highly competitive real estate market, sellers must use every tool available. Getting an advance home appraisal is a good, inexpensive incentive you can throw into the deal to show your good faith and cooperative spirit as a seller. It not only increases the buyer's confidence in working with you, but it could easily make you a few more dollars besides!

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