What is a prelisting appraisal?

A prelisting appraisal is an assessment of the value of a property that is conducted before the property is put on the market for sale. It is typically conducted by a licensed appraiser who has been trained to evaluate the condition, features, and location of a property in order to determine its value.

There are several reasons why a prelisting appraisal may be useful:

1. To set a realistic list price: A prelisting appraisal can help the seller determine a realistic list price for the property based on its value. This can help the seller avoid overpricing the property, which can lead to a longer time on the market and potentially lower offers.
2. To negotiate with buyers: A prelisting appraisal can provide the seller with evidence of the property's value, which can be useful in negotiating with buyers.
3. To avoid delays in the sale process: If the seller has already received an appraisal, the buyer's lender may not require an additional appraisal, which can help speed up the sale process.

A prelisting appraisal is typically conducted in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP) and may consider factors such as the condition of the property, its location, and any unique features or amenities when determining its value.

In conclusion, a prelisting appraisal is an assessment of the value of a property that is conducted before the property is put on the market for sale. It can help the seller determine a realistic list price, negotiate with buyers, and potentially avoid delays in the sale process. It is important to use a licensed, qualified appraiser to ensure that the appraisal is accurate and reliable.