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Buying a Flower Mound Home? Home Appraisal Tips

buying a flower mound home

If you’re considering buying a Flower Mound home, it’s important to understand the appraisal, and what you need to be aware of. As trusted North Texas real estate agents, we have some information below that will help you understand appraisals.

First, know what you’re not in control of. As a buyer, there’s not much you can do that will affect an appraisal. It’s important to know that appraisers have strict guidelines put forth by Fannie Mae and lenders that must be followed. Appraisal of a home is a very regimented process that involves the CU (Collateral Underwriter) database wherein all secondary homes are run against market data and past appraisals to ensure findings are accurate. This actually benefits you, as a buyer, against possible inflations of the home’s price by lenders.

Why a low appraisal? There are several issues that may result in a low appraisal which you should be aware of should you have an appraiser who isn’t familiar with local homes. For instance, home prices may be rapidly rising in your area, but recent comps don’t reflect it. If there are no comps in your area for the appraiser to use, he/she may use those from a community that’s less desirable. Factors such as high-end landscaping, a finished basement including a bedroom and bath, or a spectacular view when compared to a home down the block can affect the appraisal. There are times when you must bring up these factors to an appraiser!

Bring in your real estate agent when the appraiser is on site. Your agent has an abundance of information which could help the appraiser understand the market prior to the generation of the report. For instance, your agent can provide information justifying the purchase price such as recent on- or off-market sales. If there was an issue with a nearby home (mold, other damage) or a divorce that resulted in a quick (and cheaper) sale, your agent will be able to make the appraiser aware of issues that could result in lower comps.

There are other things you should do such as get familiar with the comps in your neighborhood, and request a revaluation of the appraisal report so that you can see if there may be errors or factors that have been left out that could affect the appraisal.

At Team Nelson, our Flower Mound real estate agents realize that purchasing a home is more complicated than many people know. For help with all your needs, rely on our team! We’re here to answer all your questions, and help you buy your dream home with as few hassles as possible.

What People Are Saying

We love using Team Nelson to buy and sell homes! The entire team is incredibly knowledgeable, helpful, and responsive. Tara has been are go to for anything we need to know about local market and market trends. They will schedule a meeting in person at your home and give you honest expectations of the sell of your home. They meet and often exceed the expectations they set for their customers.
Demi Devine Avatar
Demi Devine
12/30/2022