In my previous post, I revealed some of the pitfalls of home appraisals. For my example, I spotlighted the recent experiences of a wonderful couple I’m hoping are my future in-laws. As is often the case, their appraiser compared their fresh, sweet apple of a home with a rotten one. And thus, their home was undeservedly undervalued.
Many people responded to the article by sharing their own appraisal experiences. To these loyal readers, I would like offer my sincerest thanks.
You’ll all be glad to know that everyone has an opportunity to set things straight and get the right appraisal for their Laguna Beach home. Here’s what every homeowner should know before they set foot in appraisal territory.
- If the first appraisal seems way off-target, you can dispute the amount and request another appraisal. After all, shelling out an extra $500 for a second opinion is far better than losing thousands through an undervaluation and higher interest rates.
- If a second appraiser is called into action, request a local who’s in tune with the territory. A professional working Riverside will be groping through a foggy marsh even when it comes to Laguna Beach real estate.
- It’s perfectly acceptable for the current mortgage holder to provide a price quote. But you also should get appraisals from two other lenders. Contact The Coastal Property Experts any time for a list of our lending associates, as well as free quotes that accurately reflect your home’s true value. 949-922-8490.
- Exclude prepayment clauses -- just in case you decide to sell your home down the road.
- Know your refinance interest rate. If you like it, lock it!
Now if you’ll excuse me, I have to go back to locking in something of my own – my future in-laws.
The Coastal Property Experts
Transforming Integrity Into Results