Summit Appraisal Services, Inc.




  Home Sellers:

   Determining the Selling Price:

   Determining the selling price of your home is the single most important decision a  homeowner must
   make.  Be very careful not to overprice or underprice your home.  Buyers tend to have an advantage,
   as they acquired experience while inspecting and negotiating prospective home.  

   A few
Do's, and Don'ts:

  • Don't- rely on friends and/or family members to determine the value of your home.  Friends and
    family members mean well but market conditions are constantly changing, their lack of
    knowledge and experience can cost you time and money.

  • Don't- rely solely on a real estate broker's opinion of value.  Mortgages are not based on a
    broker's opinion of value, they're based on a certified appraisal.  By having your home appraised
    prior to its sale, it's less likely you will lose your sale to the bank's appraiser.  

  • Do- hire a real estate broker based on his/her experience, not based on a personal relationship.     
    This is important, selling your home through an inexperienced broker will cost you time and
    money. Don't be shy, ask your attorney, accountant, or appraiser for referrals.  Professional  
    referrals are always better then personal referrals.

  • Do- hire a good real estate attorney.  This is important, you want your interests represented by
    an experienced real estate specialist. Again, ask for referrals and remember professional referrals
    are best.  I've provide links and phone numbers to local Bar Associations, contact them as they
    are a great source of information and referrals.

  • Do- have your home appraised before you start looking for a real estate broker.  Knowledge is
    power! Knowing the market value of your home prior to its sale, will allow you to: 1) determine
    your home's listing price, 2) enable you to distinguish between an experienced broker and an
    inexperienced broker, and 3) will help you neutralize a potential buyer's unrealistic offer.

  First Impressions:

  • Walk the outside of your home as a potential buyer, what do you see?  Are you impressed with    
    your observations?  If  not, what can you do to kick-it-up! A small investment can go a long       
    way, here are a few suggestions:

   *Paint the outside of your house, at a minimum you should paint the faded and worn areas,
     including your garage and shed.
   *Replace worn outdoor electrical fixtures.
   *Replace worn mailboxes.
   *Remove and patch dead grass and shrubs.
   *Remove any debris from the front, back and side yards. (
CLEAN UP AFTER YOUR PET!)

  • Walk the interior of your home as a potential buyer, ask yourself the same questions.  Would you
    buy your house?  What would you want from the seller?  Here are few suggestions:

   *Painting the interior of the house brings it to life, at a minimum paint all worn and cracked
    wall and ceilings.
   *Have the flooring professionally cleaned, at a minimum rent a floor/carpet cleaner and clean
    the high trafficked areas.
   *Hire a cleaning service to clean and de-clutter your house, including the garage.  At a
    minimum hire your kids. LOL!


  Home Buyers:

   Who looks out for the buyer's interest?  Please don't say the broker!  The answer is: "The Buyer".  
   The purchase price of today's homes run in the
tens if not hundreds of thousands of dollars.
   The Buyer must be smart enough to hire qualified professionals to guide him/her through the
   purchasing  process, eg: certified appraiser, certified accountant, licensed home inspector, reputable
   mortgage provider, real estate attorney, licensed contractor, etc.

  • Before starting on your home buying venture discuss your situation with your accountant.  When
    purchasing your home it's important not to overextend your financial position.  Your dream house
    will quickly become your worst nightmare if you are unable to make the mortgage payments.

  • It is important to work with an experienced, local, real estate agent.  Within most communities
    there are usually one or two primary real estate brokerage companies.  Within these companies
    there are usually one or two super agents.  These are the people you want to work with as they
    tend to have the respect of their community, and usually find it easier to get things done.

  • Once you find your dream house, have the house appraised, do not base your purchase price on
    the broker's opinion of value.  Example: A Brooklyn home buyer was interested in purchasing a
    house for $650,000, her father suggested she have the house appraised.  My appraisal indicated
    the house had a market value of $595,000.  Please, have the house appraised!

  *A certified appraisal is a great tool when negotiating the purchase price of a house. If the seller's
  price is high what better way to educate that seller then by producing a certified appraisal.
Accurate Appraisal Valuations, Superior Turn-Around-Time, Competitive Fees
Copyright 2007- 2011 Summit Appraisal Services, Inc. All rights reserved
Information for Sellers and Buyers
If you have any questions, feel free to contact us