REAL ESTATE
Port Townsend, WA

View ALL listings
of real estate for sale in Port Townsend and Jefferson County.

Your Real Estate Appraisal

A real estate appraisal helps to establish a property's market value–the likely sales price it would bring if offered in an open and competitive real estate market.

Your lender will require an appraisal when you ask to use a home or other real estate as security for a loan, because it wants to make sure that the property will sell for at least the amount of money it is lending. The bank selects the appraiser from the list of their pre-qualified, licensed appraisers.

Although you have no say in who the appraiser may be, you can request that the appraiser be local. An appraiser from another area may not have knowledge about special characteristics of your home's location. For example, the Port Townsend market includes many Victorian homes. If the appraiser is from an area that has only newer homes, the appraisal amount could end up far from the actual market value.

Don't confuse a Comparative Market Analysis, or CMA, with an appraisal. Real estate agents use CMAs to help home sellers determine a realistic asking price. Experienced agents often come very close to an appraisal price with their CMAS, but an appraiser's report is much more detailed - and is the only valuation report a bank will consider when deciding whether or not to lend the money.

An appraisal Isn't a home inspection! Appraisers make notations about obvious problems they see, but they are not home inspectors. They do not test appliances, look at the roof, check the chimney or do any other typical home inspection tasks. Never count on an appraisal to help you determine if the home is in good condition.

About Appraisers and Appraisals

• Your appraiser should be licensed by the state in which the property is loacted.
• The lender might use an appraiser on its staff, or contract with an independent appraiser.
• The appraiser should be an objective third party, someone who has no financial or other connection to any person involved in the transaction.
• You will probably pay for the appraisal when you apply for your loan.

If the appraisal comes in lower than your purchase price, don't panic! There are often steps you can take to make the deal work. If the appraisal uncovers other problems, remember that most problems are correctable. Try to keep your cool and work through issues one step at a time.

Call me to set up a convenient time to interview me as your Real Estate Guy

Have a question about real estate in Port Townsend and surrounding areas?

Let me help you. All my years of experience as a Realtor have given me a wealth of knowledge about selling and buying real estate. If I don't already have the answer to your question, I know just where to go to get it. Simply use this handy form.