5 Appraisal Myths That Are Stopping You from Making a Profitable House Sale

As a seller, you just picked out the short straw. From here on until closing the deal, you are going to be on a bumpy ride, with buyers negotiating with you to accept their offer. You finally put the house up for sale on the market and got multiple offers. Now, you need to go through the dreaded process of an appraisal.

An appraisal allows you to set the right sale price for your house, or does it? Think about it, just because a person said he’s been in the real estate market for a decade, you will put your house’s fate in their hands? Most of the times, the appraisers are wrong but this does not mean that your sale will be ruined. You might experience a small profit loss but other than that, everything is in your hands. There are certain myths about property appraisals that sellers believe too easily. To dispel you of these myths, let’s have a look at them one by one:

Myth #1

The Appraiser Sets the Final Price

Say you have set a sale price for your house but when an appraisal is done, the value falls short of the price. An appraiser might have the skills to tell the value of the house but it may not be accurate. Getting three or more appraisals will only make you confused. It’s sad how the wrong appraisal forces you to compromise and lose your profit.

Myth #2

A Home Appraisal and Inspection Are the Same

A home inspection is used to identify problems with the house such as repairs and renovations. On the other hand, an appraisal is used to identify the market value of the house. In some cases, an appraiser might play the role of a home inspector too if the buyer is applying for FHA mortgage. So, look for the proper documentation before assigning the task.

Myth #3

The Higher the Investment, the Higher the Appraisal

Investing on renovations is one of the biggest mistakes that sellers make. An appraisal is based on the value of the house according to the place, not if there’s an entertainment room or a swimming pool in the backyard. You might have redecorated the garage to make it more posh, but all a buyer might want is a place to park the car. Therefore, do not make any impractical renovations that will cost you more because you won’t get a dime spent on it back in the sale.

Myth #4

The Appraiser Serves the Buyer

After an offer is made, the buyer brings in an appraiser. One would assume that the appraiser is working in the favor of the buyer but that’s not the case. The appraiser is actually there on behalf of the lender. The lender wants to make sure he’s not paying above the house’s value.

Myth #5

Market Value, Appraisal Value, Assessed Value and Online Value Are the Same

  • Market Value – The value that is going around in the market for houses categorized according to the area.
  • Appraisal value – The value set by an appraiser.
  • Assessed Value – Value set by the area’s local tax assessors (used for covering operational expenses)
  • Online Value – Websites that give you an evaluation of your house after you have entered the address.

Remember, houses are priced according to the area and their features and not necessarily on their look and appeal. It might have a small impact on the price but not that much. Therefore, when selling your house, keep these five myths in your mind to prevent appraisals from hurting your sale.

Homes for Sale in Atlanta

Price
Beds
Baths
For Sale / All Types
New Listing - 3 weeks online
$210,000
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
2,601
SQFT
6796 Foxfire Place Place SW
Atlanta, GA 30349
COOKS LANDING Subdivision
$283,951
Single Family Home For Sale
Active
3
BED
2
TOTAL BATHS
1,802
SQFT
673 Python Drive
Atlanta, GA 30349
Camden Manor Subdivision
$330,349
Single Family Home For Sale
Active
5
BED
4
TOTAL BATHS
3,363
SQFT
7064 Demeter Drive
Atlanta, GA 30349
Camden Manor Subdivision
$299,026
Single Family Home For Sale
Active
5
BED
3
TOTAL BATHS
3,040
SQFT
7057 Demeter Drive
Atlanta, GA 30349
Camden Manor Subdivision
Price Change - 3 weeks ago
$329,990
Single Family Home For Sale
Active
6
BED
4
TOTAL BATHS
3,363
SQFT
663 Python Drive
Atlanta, GA 30349
Camden Manor Subdivision
New Listing - 3 weeks online
$310,270
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
3,236
SQFT
7024 Demeter Drive
Atlanta, GA 30349
Camden Manor Subdivision
$312,132
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
2,544
SQFT
7014 Demeter Drive
Atlanta, GA 30349
Camden Manor Subdivision
$301,438
Single Family Home For Sale
Active
5
BED
4
TOTAL BATHS
3,040
SQFT
7007 Demeter Drive
Atlanta, GA 30349
Camden Manor Subdivision
Foreclosure
$215,000
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
3,080
SQFT
6629 Overlook Ridge
Atlanta, GA 30349
Cooks Landing Subdivision
$4,000,000
Single Family Home For Sale
Active
7
BED
9
TOTAL BATHS
15,159
SQFT
4690 Thompson Road
Atlanta, GA 30349
 
$12,500,000
Single Family Home For Sale
Active
9
BED
14
TOTAL BATHS
26,000
SQFT
4965 Butner Road
Atlanta, GA 30349
 
$263,000
Single Family Home For Sale
Pending
3
BED
3
TOTAL BATHS
2,260
SQFT
3205 Camden Court
Atlanta, GA 30349
KINGSLAND Subdivision
Short Sale
$195,000
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
2,639
SQFT
432 Hammock Loop
Atlanta, GA 30349
 
New Listing - yesterday
$274,900
Single Family Home For Sale
Active
5
BED
3
TOTAL BATHS
2,487
SQFT
3200 Camden Court
Atlanta, GA 30349
Kingsland Subdivision
Short Sale
$209,900
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
2,676
SQFT
2927 Chilhowee Drive
Atlanta, GA 30331
Legacy at Cascading Creek Subdivision
$245,700
Single Family Home For Sale
Pending
5
BED
4
TOTAL BATHS
2,404
SQFT
3492 Dacite Court
Atlanta, GA 30349
Flat Shoals Manor Subdivision
$162,490
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
1,800
SQFT
6679 Mancha Street
Atlanta, GA 30349
Heritage Park Subdivision
$162,490
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
1,800
SQFT
6690 Mancha Street
Atlanta, GA 30349
Heritage Park Subdivision
$169,490
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
2,000
SQFT
6683 Mancha Street
Atlanta, GA 30349
Heritage Park Subdivision
$167,490
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
2,000
SQFT
2205 Creel Road
Atlanta, GA 30349
Heritage Park Subdivision
$174,490
Single Family Home For Sale
Pending
5
BED
3
TOTAL BATHS
2,217
SQFT
6790 Mancha Street
Atlanta, GA 30349
Heritage Park Subdivision
$176,490
Single Family Home For Sale
Active
5
BED
3
TOTAL BATHS
2,217
SQFT
6687 Mancha Street
Atlanta, GA 30349
Heritage Park Subdivision
$162,490
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
1,800
SQFT
6742 Mancha Street
Atlanta, GA 30349
Heritage Park Subdivision
$169,490
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
2,000
SQFT
6735 Mancha Street
Atlanta, GA 30349
Heritage Park Subdivision
$176,490
Single Family Home For Sale
Pending
5
BED
3
TOTAL BATHS
2,217
SQFT
2281 Creel Road
Atlanta, GA 30349
Heritage Park Subdivision
$169,490
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
2,000
SQFT
2285 Creel Road
Atlanta, GA 30349
Heritage Park Subdivision
$162,490
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
1,800
SQFT
2273 Creel Road
Atlanta, GA 30349
Heritage Park Subdivision
Short Sale
$220,000
Single Family Home For Sale
Active
5
BED
4
TOTAL BATHS
3,425
SQFT
6901 Talkeetna Court SW
Atlanta, GA 30331
Falls At Cascade Subdivision
$167,990
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
2,045
SQFT
505 Hererra Street
Atlanta, GA 30349
Heritage Park Subdivision
$1,599,000
Single Family Home For Sale
Pending
5
BED
6
TOTAL BATHS
5,200
SQFT
210 Rivermere Way
Atlanta, GA 30350
Gates on the River Subdivision
Short Sale
$129,000
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
1,162
SQFT
6111 Lamp Post Place
Atlanta, GA 30349
Buffington Park Subdivision
$224,420
Single Family Home For Sale
Pending
3
BED
3
TOTAL BATHS
1,920
SQFT
5001 Rapahoe Trail
Atlanta, GA 30349
Parkway Villages Subdivision
$215,892
Single Family Home For Sale
Pending
3
BED
3
TOTAL BATHS
1,920
SQFT
5026 Rapahoe Trail
Atlanta, GA 30349
Parkway Villages Subdivision
Price Change - 4 weeks ago
$224,196
Single Family Home For Sale
Active
3
BED
3
TOTAL BATHS
1,920
SQFT
5042 Rapahoe Trail
Atlanta, GA 30349
Parkway Villages Subdivision
$224,788
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
1,976
SQFT
5034 Rapahoe Trail
Atlanta, GA 30349
Parkway Villages Subdivision
New Listing - 4 weeks online
$226,696
Single Family Home For Sale
Pending
3
BED
3
TOTAL BATHS
1,950
SQFT
5044 Rapahoe Trail
Atlanta, GA 30349
Parkway Villages Subdivision
$226,496
Single Family Home For Sale
Active
3
BED
3
TOTAL BATHS
1,950
SQFT
5013 Rapahoe Trail
Atlanta, GA 30349
Parkway Villages Subdivision
$223,846
Single Family Home For Sale
Pending
3
BED
3
TOTAL BATHS
1,950
SQFT
5017 Rapahoe Trail
Atlanta, GA 30349
Parkway Villages Subdivision
$222,536
Single Family Home For Sale
Pending
3
BED
3
TOTAL BATHS
1,920
SQFT
5025 Rapahoe Trail
Atlanta, GA 30349
Parkway Villages Subdivision
$223,536
Single Family Home For Sale
Pending
3
BED
3
TOTAL BATHS
1,920
SQFT
5031 Rapahoe Trail
Atlanta, GA 30349
Parkway Villages Subdivision
New Listing - 4 weeks online
$230,586
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
1,976
SQFT
5035 Rapahoe Trail
Atlanta, GA 30349
Parkway Villages Subdivision
New Listing - 4 weeks online
$232,696
Single Family Home For Sale
Active
3
BED
3
TOTAL BATHS
1,950
SQFT
5037 Rapahoe Trail
Atlanta, GA 30349
Parkway Villages Subdivision
Short Sale
$115,000
Single Family Home For Sale
Pending
4
BED
4
TOTAL BATHS
1,912
SQFT
2180 Crossrail Drive
Atlanta, GA 30349
Fairfield Square Subdivision
$211,775
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
2,176
SQFT
4065 Alveston Drive
Atlanta, GA 30349
Riggins Ridge Subdivision
Short Sale
$135,000
Single Family Home For Sale
Active
3
BED
3
TOTAL BATHS
1,660
SQFT
4765 Buckeye Place
Atlanta, GA 30349
Creekside Subdivision
$299,900
Single Family Home For Sale
Active
5
BED
4
TOTAL BATHS
3,046
SQFT
4307 Bellwood Circle
Atlanta, GA 30349
Stonewall Manor Subdivision
$329,900
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
2,759
SQFT
4288 Bellwood Circle
Atlanta, GA 30349
Stonewall Manor Subdivision
$212,000
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
2,006
SQFT
5015 Buckeye Place
Atlanta, GA 30349
Creekside Subdivision
$208,900
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
2,050
SQFT
4960 Buckeye Place
Atlanta, GA 30349
Creekside Subdivision
$229,900
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
2,050
SQFT
4915 Buckeye Place
Atlanta, GA 30349
Creekside Subdivision
Price Change - 2 weeks ago
$354,990
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
3,433
SQFT
787 Red Wolf Run
Atlanta, GA 30349
Wolf Creek Chase Subdivision
$333,840
Single Family Home For Sale
Active
4
BED
5
TOTAL BATHS
3,331
SQFT
6312 Jasper Way SW
Atlanta, GA 30331
Summit At Stonewall Tell Subdivision
$348,841
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
3,433
SQFT
775 Red Wolf Run
Atlanta, GA 30349
Wolf Creek Chase Subdivision
$284,990
Single Family Home For Sale
Pending
3
BED
2
TOTAL BATHS
2,237
SQFT
763 Red Wolf Run
Atlanta, GA 30349
Wolf Creek Chase Subdivision
$355,676
Single Family Home For Sale
Pending
5
BED
3
TOTAL BATHS
2,760
SQFT
112 Old Wolf Court
Atlanta, GA 30349
Wolf Creek Chase Subdivision
$425,000
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
3,200
SQFT
5618 Livesage Drive
Atlanta, GA 30349
Union Crossing Subdivision
$425,000
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
3,200
SQFT
5622 Livesage Drive
Atlanta, GA 30349
Union Crossing Subdivision
$425,000
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
3,200
SQFT
5667 Eternal Drive
Atlanta, GA 30349
UNION CROSSING Subdivision
$360,670
Single Family Home For Sale
Active
4
BED
5
TOTAL BATHS
3,905
SQFT
359 Woodmill Way SW
Atlanta, GA 30331
Summit At Stonewall Tell Subdivision
$362,750
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
3,905
SQFT
354 Woodmill Way SW
Atlanta, GA 30331
Summit At Stonewall Tell Subdivision

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