Q&A with an appraiser

In an effort to understand the home appraisal process we interviewed San Antonio appraiser, John Wade. Below are four of the six questions we asked and a short answer summary.

1. Q. What can home sellers do if they don’t agree with an appraisal.  A. Call the lending institution and express their concerns.
2. Q. Is there any reason why a seller should hire an appraiser before listing a home for sale with a REALTOR®?  A. A good comparative market analysis (CMA) prepared by a REALTOR® should suffice. However, some sellers of out-of-the-ordinary properties could benefit from a pre-listing appraisal.
3. Q. How do you choose the comparable properties that you use to value a home?A. Homes that have been sold and are most comparable in terms of location, size, number of rooms, number of bathrooms, age, quality and condition are chosen.
4. Q. How do renovations such as an updated kitchen, swimming pool or hardwood floors affect the value of a home?  A. Renovations that meet market expectations typically pay for themselves in a higher valuation.

To read his full answers and the other two questions go here.