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Real Estate Agents questions, answered by experts

The average cost for a home or property appraisal is about $355, with prices typically ranging from $250 to $500. The final cost is influenced by several factors, including the property's size, age, location, and how it compares to other homes in the area. Appraisals for larger, older, or non-conforming properties often cost more. While a single-family home appraisal usually costs between $300 and $400, appraising a multi-family home can range from $500 to $1,000 due to its increased size and complexity.

In most cases, selling a home in as-is condition will lead to a sale price that’s somewhere between 10% and 30% lower than normal. However, it’s often worthwhile to sell at a loss because the alternative would be to pay for the repairs yourself, which could end up costing you more. Even if they didn’t, selling as-is saves you from the time and energy you’d spend coordinating the repairs.

If the sales agreement has a clause that allows the seller to renegotiate based on the appraised value, then they might be able to back out if the appraisal comes in higher than your offer price. If the agreement doesn’t have that language, then the seller has no legal recourse to back out. They could hold a higher offer as a backup and move onto that one if yours falls through for any reason, but once the agreement is signed, the seller is locked into that purchase price unless there’s a clause stating they can renegotiate.

Gather details of recent improvements, property documents, and any previous appraisals or inspections.

Provides additional space and enhances property appeal, potentially increasing resale value.

The Carrizozo, NM homeowners’ guide to real estate services

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