THE APPRAISAL | An Inside Look at the Appraisal Process & Why the Listing Agent Should Be There
Updated: Apr 18
IT'S IMPORTANT FOR THE SELLER'S LISTING AGENT TO BE PRESET DURING THE APPRAISAL FOR THESE REASONS
A home appraisal is a crucial step in the process of buying or selling a home. It's an assessment of the value of the property by an appraiser, who is typically hired by the lender to determine whether the home's value is in line with the amount being financed. The seller's listing agent should always be present during the appraisal to provide valuable insight and information that can help ensure an accurate appraisal.
During an appraisal, the appraiser will evaluate the home and its features, such as the number of bedrooms, bathrooms, square footage, and condition of the property. They will also compare the home to other similar properties in the area to determine its fair market value.
It's important for the seller's listing agent to be present during the appraisal for several reasons. First, the agent can provide important information that may not be apparent from simply examining the home. For example, they can highlight recent upgrades or repairs that may have been made to the home.
Second, the agent can provide context for any unique features of the property that may affect its value. For example, if the home is in a desirable school district or has a large, private lot, the agent can provide information about what similar homes in the area have sold for and how they compare.
Finally, the listing agent can help ensure that the appraiser is able to access all areas of the home and has a full understanding of all the unique features it may have. This can help prevent errors or omissions that could negatively impact the appraisal process.
In short, having the seller's listing agent present during a home appraisal can be an invaluable tool in ensuring that the appraisal accurately reflects the true value of the property. It can help ensure that all relevant information is taken into consideration, and that the appraisal is conducted fairly and accurately.
I am very knowledgeable about the appraisal process, and I am there every step of the way for my clients who list their home with me. Let’s chat about listing your home today!
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Determination, confidence & dedication to her clients consistently lands Penny O'Brien in the top 1% of all Chicagoland agents & top agents in Naperville. Penny is a prominent listing agent in Naperville. Penny’s sale to list price is 2.6% higher than the average agent. Contact me today!