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Your home is worth "X" number of dollars. 99 times out of a hundred, that figure is right around
what your sales contract was for, but every once in a while the appraiser will surprise you.
The appraiser's job is to appraise the property, not for you, not for the buyer, but for the lender. To make sure that the property is worth what the buyer is paying for it so that they can be assured that they can get their money back out of the property in the event that they have to foreclose on it.
Most of the appraiser's job is actually done on a computer. They will examine the homes that are similar to yours that have sold recently and adjust for the deferences between the two properties and then come up with a value. It's actually pretty amazing that buyer's actually do a pretty good job of this on their own. As I mentioned above, 99 times out of a 100, the appraisal comes in right around the sales price of the house. NOTE: To you guys who are fishing for a higher price than your house is worth, this is proof that buyer's aren't stupid. Even if you find a stupid one, more times than not if the difference between what your home is really worth and what they buyer is offering for it is substantial, the appraiser will catch it. You might as well price the home right from the beginning!
After the appraiser has pulled his "comps" most of the time on a purchase he will be required to do an internal and external inspection of the property. For this inspection he will set an appointment with you are your agent and take a brief walk through of your home. Generally, the appraiser is in and out of a property in about 15 to 20 minutes. It's not a detailed examination of your property or a home inspection, he or she is simply looking to see if there are any major flaws in the property that would affect the market value.
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