- Members of Greater Baltimore Board of REALTORS
Members of Greater Baltimore Board of REALTORS
Whether you’re planning to sell or buy your home, an appraisal is essential for figuring out your property’s market value. Let us guide you through the home appraisal process in Baltimore, MD, so you can ensure fair deals and get approved for a loan.
Typically, the home appraisal process starts as soon as possible after both parties have agreed on a price. Scheduling it early allows enough time for a property visit and the production of a report. A lender will select a home appraiser who will contact the seller to set a time and date for a home visit.
The appraiser will thoroughly review both the exterior and interior of the home to make sure it is in good structural shape. They will check for safety issues, make note of the number of rooms, and identify any major upgrades since the last real estate transaction.
Homeowners might be present during this step of the home appraisal process, especially if they are still living in the home. Buyers can also be present, although it’s not common.
An essential part of the appraiser’s value determination is the price of comparable homes sold recently in the property market. To get comparative information, appraisers usually analyze government records and home sale information from the Multiple Listing Service (MLS). MLS is a useful database for the home appraisal process because it includes key details about home listings and sales.
The appraiser will decide on the most appropriate way to assess the home’s value. They can either use the sales comparison approach or a cost-based approach.
We hope this information has been helpful in shedding some light on the home appraisal process. Equipped with these essential details, you can now contact a home appraiser and make more informed decisions.