A Las Vegas home appraisal is a professional evaluation of your home and property. Home appraisals are a standard part of the home buying and selling process. They’re often used for refinancing, too. Legally, appraisers cannot have any interest in the real estate transaction. They must be licensed or certified, and they should be familiar with the local area. Appraisals come in two varieties, which are conventional appraisals and FHA appraisals.
In a conventional Las Vegas home appraisal, the appraiser considers the home’s current condition, its location, any special features it has, and any problems it has to determine its value. The assessed value determines a fair asking price. The home appraisal process is slightly different for homes purchased with a loan from the Federal Housing Administration (FHA). In an FHA loan, the appraiser must be approved by the US Department of Housing and Urban Development (HUD). While a conventional appraisal simply determines a home’s worth, an FHA appraisal includes both an assessment of the home’s value and a property inspection to ensure it meets minimum health and safety requirements set by HUD.
As the home seller, you can prepare beforehand for an appraiser’s visit. Safety issues like peeling paint, wobbly handrails, untreated exposed raw wood, cracks in the doors and windows, foundation cracks, and exposed wires or fuse boxes must be fixed before you can sell a home under an FHA loan. Additionally, the house must have at least one safe and fully functional heating source, and it can’t have moisture buildup in the living areas or the basement. All interior walls must be finished and painted. The roof must be structurally sound and free of leaks, and the sewer must have been serviced in the past five years. Wells on the property must be identified, and a water flow test is normally conducted. Outbuildings on the property, including sheds and detached garages, are subject to the same requirements. Even without an FHA loan, these problems should be fixed before the appraiser comes through, as they can deter potential buyers and lower the home’s appraised value.