Q: Do I need an appraisal?

In most cases, it is not necessary to get an appraisal prior to sale. There are three different types of appraisals: FHA, VA, and conventional. Currently, the most common appraisal is the conventional appraisal. Once your home is under contract, the lender for the buyer will determine what appraiser they will allow to do the appraisal. A current appraisal can be unusable by the buyer's lender - even if it is the right "type" of appraisal - because the appraiser is not approved by the lender. Or if the seller orders a conventional appraisal, and the buyer is getting an FHA loan, here again the conventional appraisal is unusable. So ordering an appraisal prior to sale can end up being an unnecessary seller expense.

However, when a property is so unique that pricing can be difficult, an appraisal can guide sellers towards proper pricing. We say "guide" towards proper pricing, since we have seen many homes sell above as well below appraisal price. If you have a question on whether you should obtain an appraisal on your home, please feel free to contact us for counsel.

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