Home Appraisal Information for York County, SC
The Appraisal Process In South Carolina
Home Selling and Buying Essentials-The Appraisal
Home appraisals are used to help to establish a property's market value the likely sales price it would bring if offered in an open and competitive real estate market. Appraisals are AN OPINION of value and are used by sellers to establish a listing price and by buyers and mortgage companies to ensure a home's value. In York County, SC many professional appraisers are available. Homeowners may choose to have a fee appraisal before putting the home on the market.
- Appraisers are licensed by the state of South Carolina after completing coursework and internship hours that familiarize them with the Rock Hill, Tega Cay and Fort Mill markets. Lenders may use an appraiser on its staff, or contract with an independent appraiser.
- The appraiser is an objective third party, someone who has no financial or other connection to any person involved in the transaction.
The property being appraised is called the subject property.
- Buyers will probably pay for the appraisal when you apply for your loan and your South Carolina lender will discuss that with you.
What you will see on an Appraisal Report
- Details about the subject property, along with side-by-side comparisons of three similar properties. These will be properties in the same York County area.
- A description and evaluation of the overall real estate market for the particular area of the piedmont in South Carolina.
- Statements about issues the appraiser feels are harmful to value or resale, such as poor access to the property.
- Notations about seriously flawed characteristics, such as a crumbling foundation.
- An estimate of the average sales time for the property.
- What type of area the home is in (development, stand alone acreage, etc.).
Residential Appraisal Methods
The cost approach is most useful for new properties, where the costs to build are known. The appraiser estimates how much it would cost to replace the structure if it were destroyed.
So What Does the Appraisal Mean to a Buyer?
- The bank will evaluate the estimated time to sell the property as compared to other area homes.
- If the appraiser notes that entry to the property is from a private, shared road, the bank may obtain a road maintenance agreement signed by those who use the road, verifying that maintenance is shared by all parties.