Fewer San Diego Foreclosures Could Raise Demand, Prices
Category: San Diego Real Estate
Published: Wednesday, September 02, 2009
A fair appraisal is critical to closing the deal on any real estate transaction and even more important when purchasing San Diego foreclosures. Selling banks want to know a deal is going to go through and lending banks want to make sure they aren't getting themselves into another bad loan that could end up on the foreclosure block any time soon. Whether you're buying or selling, these tips will help get you the appraised value you are looking for:
Know Your Competition
Appraisers are as busy as real estate agents during this heightened season of home buying. While most appraisers are at the top of their game, it's still possible they might miss recent comparables or not appreciate the value difference between your home and a similar one that sold for less around the corner. Knowing the competition refers to knowing which homes have recently sold that are of equal or lesser size and understanding what circumstances affected that recent home price.
Some San Diego County foreclosures are in a state of complete disrepair, requiring major improvements just to be inhabitable, while others, perhaps the one you are trying to obtain financing for, are in near perfect condition. Know the value of recent sales and if those homes were in need of more rehabilitation than yours, or have other issues that set your home above the par, let the appraiser know and provide backup documentation if you can.
Start With a Clean Slate
If you are working with a foreclosure, ask the seller's agent if they can arrange to have the property tidied up before the appraiser comes. It might sound corny to some, but a clean house is a more valuable house. You might not be able to get inside to do major cleaning, and large scale landscaping improvements are out of the question, but trimming the lawn and throwing away piles of trash improve the visual "first impression" the appraiser finds and can help inch up the appraised value.
Go Local
Insist on an appraiser that is familiar with the San Diego real estate market and San Diego bank homes in particular. Someone who has been in the area for years appreciates the value of the community and will work hard to reach the best values they can. Not to say that a newcomer will appraise lower, but rather appraisers that have worked the sought after neighborhoods of downtown San Diego, El Cajon and Rancho Bernardo will have a better understanding of the historic home values than someone who is more familiar with Orange County or the Inland Empire.
At the end of the day appraisers are professional and ethical, generating an appraised value that accurately reflects the value of the San Diego County bank home you are working with. However familiarizing yourself with the comparable values in your desired neighborhood, as well as presenting your home in the best possible condition given the circumstances can also help the appraiser get to a value that you and your lender are looking for.
Contact the neighborhood foreclosure experts at Oak Tree Realty Group San Diego today. Our team specializes in San Diego foreclosures in every community and our foreclosure experts can be reached at 1-800-516-7791 for a custom showing.
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