When buying, selling or refinancing, an appraisal is an often overlooked aspect of the transaction. Appraisals are typically required to assess the property’s value to make sure that it is worth the contract price, and many a real estate transaction has gone awry due to the appraisal reflecting a market value that is too low. This will prevent the buyer (or owner, in a refi) from receiving the financing necessary to complete the transaction.
While some think nothing can be done to improve the results of the appraisal, or simply do not anticipate this step in the process, there are things you can do to get the highest possible appraised value on your home to ensure your transaction will not be derailed by a low appraisal. Much like staging a home for showing to prospective buyers, you want to showcase your home in the best possible light to the appraiser when he/she shows up to do the appraisal. Here are some tips to set your appraisal up for smooth sailing.