Any real estate transaction is filled with specialized terminology and plenty of hoops through which to jump. To prepare you for your next home sale, let’s take a close look at appraised value and market value, and what do these numbers mean when selling your house fast in Omaha and Council Bluffs.
What Is Appraised Value?
Whenever a home is up for sale and a mortgage lender is involved on behalf of the home buyer in Omaha and Council Bluffs, the lender is almost certain to require an appraisal of the property.
An appraisal is done by a third-party agency to carefully calculate the believed value of the home. This number then gives the lender a better idea of whether the proposed loan is a reasonable risk to approve, or if it should be denied.
A case where denial may happen is if the home buyer in Council Bluffs and Omaha and seller agreed upon a sale price that was vastly larger than the appraised value. In this example, the lender will probably deny the loan because it would leave them losing money on the property in the unlikely event that the lender needed to foreclose and take ownership of the property. The lender would then try to quickly sell your house fast in Council Bluffs and Omaha to a new owner in an attempt to recoup any losses from their loan to the previous owner, on which they foreclosed.
In the pursuit of figuring out if the loan would be safe and therefore profitable, the appraisal value is calculated and factored into the home buyer’s application.
What Is Market Value?
The resulting appraised value is the minimum you should expect to get for your home, right? Not really.
Appraised value can surely help inform your decision on where to price your home, but the biggest piece of the market value equation can be a bit more complicated to quantify an individual human being’s personal perspective of your property.
The human beings we are talking about here are your potential homebuyers in Omaha and Council Bluffs. The appraised value is put together based on a few big data points, including the condition of the home, the layout and makeup on the home, and the closing sale prices of similar homes in your area over the last few years.
However, the market value of your property does consider these same points while adding in how attractive and welcoming the property is. The easiest way to think of market value is the actual amount of money someone is willing to pay to purchase your property in its current state.
What Do I Do Now?
With all of this information now laid out before you, what’s the next step?
If you’re finding yourself in a situation where you are unsure of how to price your property or feel that the market value of your home is too low compared to the appraised value, this is a great opportunity to lean on a qualified and experienced direct cash home buyers in Omaha and Council Bluffs.
Your local direct cash home buyers in Council Bluffs and Omaha keep their eyes on the market, know how to take advantage of growing real estate trends, and come equipped with a bevy of professional contacts to make your life easier when selling your house fast in Omaha and Council Bluffs.
If you are not currently working with a home buyer in Omaha and Council Bluffs, shop around for the right one for you. If you are already working with real estate investors, discuss with them ways to improve both the appraised and market values of your home to get the most from your home sale.
Professional Guidance When Selling Your House in Omaha And Council Bluffs
Getting the most out of your home sale is important, especially if you need to turn around and purchase a new property. If you want some professional guidance when selling your house in Omaha and Council Bluffs, just send us a message at Harter Investment. Not only we buy houses in Omaha and Council Bluffs but we will also help you sell them fast. Contact us at 402-939-6556 or www.harterinvestments.com today!