How to Get an Appraisal Before You Sell Your Home

A good appraisal will not only let you know what your home is worth but will help you to negotiate a better deal for yourself.

Things You'll Need

• Appraisals

Instructions

1. Get an appraisal before you begin negotiating with buyers. If the appraisal comes in lower than anticipated after negotiations have begun, you'll be in an awkward bargaining position.

2. Hire an appraiser. Look for professional designations such as MAI (member, Appraisal Institute) and ASA (American Society of Appraisers).

3. Interview at least two appraisers and check their references.

4. Compare your appraisal with sales prices of similar homes in your neighborhood; this information is available free of charge from local real estate firms.

Tips & Warnings

• If your house is appraised at a lower value than you expected, ask to inspect the appraisal or get another appraisal. Remember that appraisals are opinions.

• Expect to pay between $250 and $400 for an appraisal.

• Realize that the buyer will still have to get their own appraisal for their lender. Most lenders will not accept a prior appraisal.

• Some lenders work only with their own approved panels of appraisers. Your buyer's lender may not accept your appraiser's estimation of what the home is worth, in which case your buyer will have to get another appraisal.

• Be wary of agents who say they can get a lot more for your property than your appraiser says it's worth. Often these agents are just trying to get your listing - and then they end up selling for less.