old country house blog

SELLING A HOUSE: STEP ONE- THE APPRAISAL

FIRST AND FOREMOST…

HAPPY BIRTHDAY HUSBAND! LOVE YOU ALWAYS!

happy Birthday Damon

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SO I HAVE BEEN ASKED ALOT RECENTLY

ABOUT THE SALE OF OUR HOUSE.

I have learned a lot of things in the last week that make me realize that selling a house is not for the impatient…This is a move of choice (i.e. we do not have to move for a job etc, the pressure is much less) but it is still not a party.

I have learned that the first thing that has to happen is the APPRAISAL.

posterized house
posterized house

What is the APPRAISAL?

Well, right now, it seems the appraiser is the MAN! Lets say, 15 years ago, I bought my house for $5.00 and now would like to sell it for$10.00. If YOU come along and  have a ten dollar bill in your pocket (CASH BUYER) , you can just come to me and say…”Hey, I HAVE $10.00 and I would like to buy your house.” and we both go off happily into the sunset.

But lets say you have to go to a bank to borrow the $10.00. This is where the appraiser comes in.

THE LONG VIEW OF MY OLD COUNTRY HOUSE
THE LONG VIEW OF MY OLD COUNTRY HOUSE

The appraiser looks over your house with a fine tooth comb and determines, with all the factors in mind, condition of the house is one, work you have done is part (but not enough these days) ….but the ECONOMY and WHAT houses like yourS have ACTUALLY sold for in the last year or so…DECIDES what you are entitled to ASK for your house. He may say.

“Yes, I know you would like to ask $10.00 for your house…but I think your house is only “worth” $7.00.”

And if he says that…EVEN IF you wanted to still try to get that $10.00…the BANK will not give anyone a LOAN for $10.00..only $7.00…and someone might be able to rearrange a few finances and make that be okay OR YOU MIGHT BE ABLE to lower your expectations and price to $7.00….but more often than not…that APPRAISAL may stop the whole process…no house goes on the market and you go back to your life.

phoebehouse

SO THAT is where we are…We are having work done to fix things that will NEED fixing no matter what…the APPRAISER comes next week and we will see where we are.

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