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How much should an appraisal cost? Baltimore md

The house is old, not in the best condition. Do I need an appraisal before contacting an agent to sell the house?
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October 06 2013 - Baltimore
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Answers (5)

Appraisals are typically $300-$450.  No, you don't need an appraisal before contacting an agent.  It will be waste of money in my opinion.  Most Realtors in your area can get a rough estimate what your house is worth.  Appraisals are typically for the lender benefit.  They need to verify the value on the home before they will refiance or lend money on the property. Just putting your home on the market and seeing what kind of buyer activity you get, will help you figure out if the value is right or needs adjustment.
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October 10 2013
I think I saw another post of yours regarding this house.  It is an estate correct?  There are multiple heirs .  You mentioned an Executor for the estate.  Has the estate been closed?

I am not an attorney but I think you need to be sure the proper paperwork has been done before you attempt to sell.  Just a suggestion.
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October 10 2013
I just saw your other post about the property being in an estate. If this is the same property, you may need to speak to a real estate attorney to determine the procedures to value and sell the home. 

Most likely, speaking to a local real estate agent will be your best first step.

Best,
Bridget
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October 08 2013
Hi,  A real estate agent will offer a comparative market analysis (CMA).  They will look at other homes in your area that have sold that are like yours to get an idea of what price the house should sell.  A good agent should be able to recommend items that can be done that can help to improve the property for the best sales price.  Many of them could be low or no cost (such as painting, cleaning and de-cluttering!)

The appraisal is ordered by the buyer through their lender at an average cost of $375-$475.  The cost is dependent on the lender and the loan type.  The appraisal is done by an independent licensed appraiser (not party to the contract) and  is used by the bank to confirm that the value that someone is paying (and therefore the loan amount) is supported by other like sales nearby.

Depending on the area you are in, I would be happy to recommend an agent for you to talk to about the sale of your home.

All the best!
Bridget "Maryland Mortgage Mama" McGee
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October 08 2013
No you do not. The Realtor will do just about all an appraiser will do and it is free. We look at recent sold comps just like an appraiser will and come up with a good idea what the house should sell for. When a buyer comes along they will want an appraiser to look at the price of the offer and justify it is reasonable.
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October 06 2013
 
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