Helena Talbot's blog - The Truth About Appraisals

Have you ever wondered what the real purpose is for a home appraisal?  Many people think that the home appraisal is to keep the buyer from paying too much for the home.  But in reality that is not the purpose of having a home appraisal done.  Let's talk about some common misconceptions about home appraisals.

1.  The real reason a home appraisal is performed is to protect the lender from lending too much money on any given home.  Yes, the home appraisal does provide some valuable information to the buyer and the seller.  But their main purpose is to protect the lender.  That is why a home appraisal is performed before the loan has been given its final approval.

2.  Some people think that appraisers only use one formula to determine the value of a home.  However, that is not the case.  Appraisers use many factors such as:  the homes location, it proximity to schools and other public places, the lot size, the home size, the condition of the home and the recent home sales in the area etc.

3.  Appraisers  do not concern themselves with how dirty the house is; however, they do factor the deferred maintenance such as cracked walls, inoperable appliances or any of the homes other maintenance issues large and small.

4.  Many people do not realize that a home appraiser must be licensed to meet the standards set by their state.

5.  If the buyer is purchasing a home that will be insured by the FHA, then the appraiser must make any defects known to the buyer along with the general condition of the home.  However, this obligation does not exist for any other types of non FHA loans.

6.  Some people think the home inspection is the same as the home appraisal.  It is not and both are a necessary step in purchasing a home.

7.  If the appraiser values the home for less than the purchase price, you may need to provide proof to the appraiser of why the home can support a higher value.  Sometimes that will be enough for an appraiser to reconsider his evaluation.

There are many things that factor into buying a home.  Like not paying more than it is worth, the homes current condition and any underlying conditions that may be found during the home buying process and so much more.

Talk to your realtor about what you need to know before buying your next home.  Your realtor will be more than happy to supply you with all the information you need to make a good solid purchase.

Ispecialize in helping buyers and sellers invest in real estate in Loudoun County and Northern Virginia.

I have over 25 years experience in the real estate industry.  As a Broker/Owner with Exit Realty Talbot and Company, I bring special tools and solutions that enable me to exceed the expectations of my clientele.  If you are considering listing your property in Loudoun County or the nearby areas, ask me about our latest internet marketing systems.  I would appreciate the opportunity to earn your business.  I am experienced in listing and selling short sales. 

For information on the short sale process, please visit  www.LoudounShortSaleSolutions.com.

For a free market analysis on the value of your home, please visit http://www.LoudounHomeValues.com

My past awards and designations include – 2003 President of the Dulles Association of Realtors, 2003 Dulles Area Assoc Realtor of the Year, Salesperson of the year 2000 Dulles Area Assoc of Realtors,  Top Producer awards from both the Dulles Area Association and the Northern Virginia Association of Realtors.  I am a member of the Top 5 in Real Estate Network.

I have lived in Loudoun County since 1979.  I am married with two grown children and two grandchildren.  My son in law is my business partner in real estate.  I love to jog in the mornings and spend time relaxing on my Trawler during the summer months.

Loudoun County and Northern Virginia Real Estate Sales and Solutions – Helena Talbot, Broker. I specialize in helping buyers and sellers invest in real estate in the Northern Virginia area to include Loudoun County and surrounding areas including Fairfax, Clarke, Fauquier, Prince William  Counties.  Our local neighborhoods includeLeesburg, Ashburn, Sterling, Potomac Falls, Brambleton, Broadlands, Lansdowne, River Creek, Belmont Country Club, Beacon Hill, Shenstone, Waterford, Lovettsville, Purcellville, Hamilton, Round Hill and Bluemont.                        Cell 703.727.9885    Office 703.574.3800

Free iPhone/Android Mobile App to search Northern Virginia real estate.  2 easy ways to get the App:  Text “Exit9” to 87778 or enter http://87778.mobi/Exit9 into your browser.