Summary: (http://www.patrickwiscombe.com/images/subscribeinitunes300x38.jpg)(http://www.patrickwiscombe.com/images/patrick4.jpg) In this edition of the Utah Real Estate Podcast (http://patrickwiscombe.com/category/utah-real-estate-podcasts/), we talked about: * The only thing that counts is the selling price * Building your value case * An appraiser uses the facts, and just the facts Press the 'PLAY' button to listen to Utah Real Estate #18: Why Do I Need An Appraisal? --------------------------------------------------------------------------------------------------------------- YOUR CALL TO ACTION If you're looking to buy or sell a house in Utah, please call or text me (Patrick Wiscombe) at (801) 602-5850. --------------------------------------------------------------------------------------------------------------- Cool Voice Guy: Information you need, the podcasts you love, this is the patrickwiscombe.com podcast network. Cool Voice Guy: Its real estate news you can use, this is the Utah Real Estate podcast, giving you free expert advice, and tips if you’re looking to buy or sell a house, and now, here are your hosts, Roger Zundel and Patrick Wiscombe Patrick Wiscombe: The Utah Real Estate Podcast is brought to you by Weichert Realtors at the Rockies. If you are looking to buy or sell a house in Utah, please call Patrick Wiscombe at area code 801-602-5850. That number again area code 801-602-5850. Patrick Wiscombe: It’s the Utah Real Estate Podcast, my name is Patrick Wiscombe. Coming up on today’s edition of the Utah Real Estate Podcast we’re going to be talking about things that are absolutely necessary to get your house sold; this includes the appraisal, the title report, and the home inspection. Joining me for the podcast, all the way from American Fork, Utah is Greg Hales, the Commercial Real Estate Manager at Weichert Realtors at the Rockies, hello there. Greg Hales: Good morning, how are you this morning? Patrick Wiscombe: Doing alright. Now I mentioned at the beginning of the podcast that there are three things that every piece of property needs to go through; the appraisal, the title report, and the home inspection. Let’s begin with the appraisal. Why is an appraisal necessary? Greg Hales: Well I think the appraisal is now becoming the top of everybody’s list. With so many short sales and modified sales in your neighborhood, sometimes you’re not going to get the appraisal you think. I want to tell all of your listeners out there to forget about what someone is selling their home for. That doesn’t have any bearing on an appraisal. You can go up and down the street and say I know the Jones’ are trying to sell for this or the Smiths’ are trying to sell for this, that doesn’t count. The only thing in an appraisal that would help your appraiser is what a home sold for. It’s the only thing of value that they can base it on and they will only use that in their report. Now, an appraisal will take in a number of things. It will take in your square footage, the size of your lot, the age, the condition, number of bedrooms, bathrooms, garages, RV pads, etc. Then they will get a property that is similar to your property and then make adjustments, either pluses or minuses. So many times people will say, “I know the Smiths’ sold for this.” If you know that, then it’s not public knowledge. You need to let your appraiser know that. The ability to create a value based on a professional opinion, which is what an appraiser does, is only available through what sales are or what a home sold for. Patrick Wiscombe: So the documented proof basically? Greg Hales: Absolutely! California and a number of other states, I don’t know for sure right now, they use what they call a non-disclosure state. You don’t have to disclose what your home sells for. California uses it because that changes their tax base every time a home sells.
