When it comes to buying a Knoxville homes for sale, one common source for confusion is the appraisal. There are a great many myths out there when it comes to Knoxville appraisals and how it influences your home buying experience.
In this post, we’ll help separate some of the fact and fiction surrounding Knoxville appraisals.
Appraisal Fiction #1: The purpose of doing one is to make sure the buyer doesn’t pay too much for the house.
Fact: For all parties involved in the sale of the Knoxville home, the appraisal provides valuable information about the home. It is most crucial, though, to the buyer’s lender so they don’t end up lending too much money on an overpriced home.
Appraisal Fiction #2: There is a formula that appraisers use to confirm the value of the Knoxville home.
Fact: There is a lot of things that an appraiser takes into account. They consider the location, how close the home is to schools, the size of the home and the lot, the condition of the home, along with what other homes in the area are selling for.
Appraisal Fiction #3: Keeping your home clean can influence the value.
Fact: An appraiser won’t take into account a dirty kitchen, dirty floors, or piles of laundry. They will notice if the overall condition of the house is bad. Broken windows, chipped paint, broken appliances, and other inoperable aspects of the home will be noted by the appraiser.
Appraisal Fiction #4: An appraisal and a home inspection are the same.
Fact: An appraisal makes a recommendation on the price for the lender, while an home inspector is there to assess the overall condition of a home. An appraisal SHOULD NOT replace a home inspection. A home inspector is there to help identify any major problems with the home.
Appraisal Fiction #5: Appraisers aren’t accurate in pricing homes because anybody can be an appraiser.
Fact: Just like real estate agents, lawyers, and doctors, appraiser are required to meet certain standards in order to appraise a home. They are required to take a certain amount and education and complete a certain amount of hours of supervised experience. Also, depending on the size, type, and price of the property there are requirements about what types of appraisers can appraise certain properties.
Are you thinking about buying a Knoxville home this year? Please let us know if there is anyway that Knoxville Home Team can assist you. Rick can be reached at 865-696-9002 or via email at [email protected]. Kati can be reached at [email protected].
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