Need an Appraisal to Sell a Home?

Written by Leslie on 08/26/2019

Need an Appraisal to Sell a Home?

Need an Appraisal to Sell a Home?

When the day arrives and you realize it’s time to sell, will you need an appraisal to sell a home? It’s not necessary to hire an appraiser to put your home on the market with an agent or to sell it by owner. But you may choose to get an appraisal for your own reasons.

The first reason to pay an appraiser is to get an independent opinion regarding the value of your home, which you can use to keep the suggested purchase price at a sensible level. Professionals who are compensated by commission, meaning a percentage of the purchase price goes to them at closing, are motivated to list houses for the highest possible price.

Real estate brokers and agents will provide you with their ideas of a suggested listing price, and they won’t charge you a penny. Because it’s free, this is how many sellers determine the current market value – by asking a real estate professional what selling price they suggest.  

But, a free appraisal of your home is not going to be a truly independent assessment of its value. For that information you need to pay a professional appraiser to determine how much your home is worth at the present time, using market data and comparative analysis. Paying an appraiser to provide a professional appraisal is the best way to know how to set a price and sell a home.

A Free Appraisal Might Be Good Enough

Everybody loves to get free things. And the free opinions from real estate professionals seem like a good deal, especially when they involve charts and graphs and color photos of comparable properties.  Many sellers choose to meet with agents to get several market analyses before hiring an appraiser because they are thinking, “maybe a free appraisal will be good enough.”  

In general, it’s not good enough. Two things are likely to happen: 1) the agent will talk the seller into putting their home on the multiple listing service, and 2) the seller will experience disappointment when a buyer’s lender finally requires an independent appraisal, because it comes in much lower than expected.

The likelihood of these two things happening and disrupting a seller’s plans to sell by owner and avoid a real estate commission demonstrate the main reason hiring an appraiser upfront is a good idea. It puts the value of a home in perspective from the very beginning of the sale process.

Avoid Getting an Appraisal

One way to avoid getting an appraisal altogether is to call We Pay Fast and speak to a professional buyer. You can sell a home without paying for an appraisal, a real estate commission or an attorney. Call (405) 521-1807 or email us at [email protected] to get a quick, easy home sale.