How does the Bank Appraiser determine the market value of my home?
The Bank appraiser reviews the following key criteria to determine an appraised value of your home: • The distance from your property to recent comparable properties sold • The number of months the various sold properties were on the market • All comparable active listings • How many of the comparable listings are within 20% of the size of your property • Adjustments made are based on no more than 10% for each line item feature of each comparable property • Any adjustments relative to local economic impacts such as multiple short sales* in the area Keep in mind that your property must appraise for at least 80% of the price you list it at or many buyers may not be able to get a loan.* A “short sale” is the sale of a property that is sold for less than the seller owes on it. Click here to learn about HAFA, a new Government Program How do I go about selecting the best Real Estate agent for me? Since your best interests are served by educating yourself, it is always a good idea to intervie
