We got this great question from someone we met recently at a networking function.
We’re going to buy a condo in Boca. When do we need a real estate appraisal?
Here’s the low-down!
If you are a buyer getting a mortgage, your lender is going to require an appraisal. The lender will order the appraisal.
Either the listing agent, or the buyer’s agent (or both, but at the very least one) needs to meet the appraiser at the property for the appraisal appointment. It’s important that someone knowledgeable be there to answer questions and point out the features.
If the appraiser is open to it, the Realtor can also talk about comps (comparable sales) and help the appraiser understand the current market area. Some appraisers come from out of area, so that last item is rather important.
Based upon the appraisal results, we will help you to know if your offer or your price needs to be changed or adjusted.
If you’re a buyer paying cash, you are not required to have an appraisal, but you can choose to get an appraisal. Why would you want to do that? To protect yourself on the value of the home. Realtors of the All About Florida Homes Team pride ourselves on the fact that we do in-depth competitive market analyses. So you can feel confident that you are getting a good value, and you don’t necessarily need an appraisal – but you’re still welcome to get one. Some of our clients do, and we support that decision.
We work with our cash buyers to help you determine if getting an appraisal is right for you. When the answer is yes, we walk you through each step of the process.
For our sellers, there are times when we recommend doing an appraisal for a listing. Perhaps the homes’s area or market may indicate a lot of variance between recent sold properties. Or, it might be new construction in an area where there isn’t a lot of new construction. In cases such as those, we may recommend an appraisal to avoid surprises. But whether you’re selling or buying, this is a strategic decision, and we would sit down and work together to come up with our plan based on your individual needs and situation.
Questions? Call us – Amy and Noreen, All About Florida Homes, Keller Williams Realty – at (561) 571-2289. We’d love an opportunity to discuss your home selling or home buying goals.
And, we have some great resources here for you, too! If you’re interested in buying – now or in the future – you can search listings here – and start to familiarize yourself with the buying process and the market.
If selling may be in your future – or you’re just curious about what your home is worth today – you can request a no-obligation home value assessment here.
Or, contact us at (561) 571-2289 – or via firstname.lastname@example.org – if we can provide you with any additional market data that will help inform your decisions! We are here to help!