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How to use an appraisal in a residential real estate sale

On Behalf of | Dec 5, 2019 | Residential Real Estate |

Putting a home up for sale is not as easy as simply putting a sign in the front yard. Before a Pennsylvania homeowner can do so, it is important to carefully consider what the selling price will be. This is where a residential real estate appraisal can prove to be an invaluable tool.

Simply looking at how much the tax assessor believes the home is worth is not enough. The selling price of a home depends on numerous factors such as the current condition of the home, the current real estate market, the age of the home, how much comparable homes in the area sold for and are worth, and more. Obtaining an appraisal helps identify all of these factors.

With the internet, a homeowner could attempt to look up this information online, but it may not provide an accurate assessment. People tend to think their homes are worth more than they may be, and much of that opinion comes from their pride in and emotional attachment to their residences. An impartial appraiser can objectively look at all of the relevant data and come to a fair and informed amount.

Sellers could rely on residential real estate agents to help them find an appraiser and conduct the sale, but that individual is not as familiar with the law as an attorney would be. The sale of a Pennsylvania resident’s home involves complex legal issues. Many people tend to focus on the rights of a buyer, but a seller has rights, too. Negotiating the sales contract, getting through the due diligence phase and closing the deal could all jeopardize the seller’s rights without him or her even knowing it. Even obtaining an appraisal could spark a dispute between the parties, and the seller deserves the right to representation just as much as the buyer does.


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