Buying A House? Make Sure You Are Paying Fair Market Value!

buying a house blind

Buyers should know what the house is worth BEFORE they write an offer…

When you’re buying a house, you want to make certain you get “the most bang for your buck,” or, the highest value for your dollar. Yet, how do you know if you’re paying Fair Market Value for your dream home?

Simple, by hiring a certified property appraiser who will tell you the current value of your dream home before you put pen to paper.

By hiring a professional real estate appraiser on your own, you are getting an unbiased expert opinion of the home’s worth based on today’s ever changing, real estate market.

A home appraisal will determine if the contract price is appropriate given the home’s condition, location, and features. An appraisal could save you from potentially making an over-valued purchase.

buying a house

Appraised Value. Why Is It Important When Buying A House?

A property’s appraised value is influenced by:

  • Recent sales of similar properties known as comparables and current market trends.
  • The home’s amenities.
  • External or functional obsolescence.
  • The neighborhood or community.

These are only some of the key factors in determining the home’s value.

A skilled appraiser will do a complete visual inspection of the interior and exterior of the home you are wanting to buy. Any conditions that adversely affect the property’s value will be in the notes.

The appraiser will then provide you with a complete analysis and report with his or her professional opinion of value.

Pre-Purchase Appraisal Benefits

There are many benefits in having a pre-purchase appraisal.

Having the home you are considering appraised before you sign a binding legal contract will:

– Reduce the risk of overpaying for the home.

– Be useful as a negotiating tool if the list price of the home is higher than the appraised value.

– Provide some insight as to how a lender may value the property. If you are considering obtaining a mortgage, this may avoid a future problem.

Sure, you can pay more for a property if you would

buying a house for family

The law surrounding residential real estate appraisals is complicated and the facts of each case are unique. This article provides a brief, general introduction to the topic. As with any legal matter, we highly recommend consulting with an attorney. For more detailed, specific information, please contact Michael Mila, residential real estate appraiser.

How can we help you?

If you have questions about using our service please click the button below and let us know.

As a local Realtor, I have had the opportunity to work with Michael on numerous occasions while selling real estate in the Naperville area. With his vast experience and wealth of knowledge, combined with the willingness to explain the details on an appraisal report, I’m always pleased to know that Michael has been assigned to one of my listings. He is always prompt and performs the necessary evaluation in a timely fashion. Michael recognizes the value of my time which is important to any real estate agent. He is unbiased and fair with all appraisals. When clients and friends ask me who would I recommend for their appraisal needs, I never hesitate to provide them with Michael’s name.

Nancy Fattore
Re/Max of Naperville, The A Team

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