Buying or Selling Ohio Land for Sale? Think Land Appraisal. Friday, November 17, 2017
When there is Ohio land for sale – whether it is raw acreage, commercial property, or residential – a land appraisal is the key component of the process. Any loan for a property is based on the appraisal value. As a buyer, owner, or seller, understanding the true value of the real estate in question is important. This will help you make the most of your real estate decision. But first, it’s important that you understand the process of a land appraisal and know what to expect.
What to Expect from Land Appraisals
Land appraisals are used to determine whether the listing price of the land is accurate, as compared to the actual value of the Ohio land for sale. A land appraiser can assist you in determining the actual value; they will create an appraisal report, which will include many details.
Keep in mind that an appraiser’s report is more detailed than a comparative market analysis.
Typically, a land appraisal report produced by an Ohio property appraiser will include:
- A comparison of the “subject property” with similar properties in the area – at least three.
- An estimate of the duration of time it may take to sell the property.
- A description of the area in which the property is located.
- An explanation of any negative aspects which may impact the market value of the “subject property.”
Understanding Land Appraisal Values
Understanding what a land appraisal entails is only the beginning. To make an educated decision about any land for sale in Ohio, investors and buyers should consider how appraisal values are determined and what they ultimately mean for the selling process.
- When the land appraisal value is lower than expected, a transaction may be delayed or even canceled.
- When refinancing a mortgage (for example, on a home) a low appraisal can prevent this.
- For a seller, a low appraisal means you may need to lower the price of your property in order to sell the land.
- For a buyer of land for sale, keep in mind that the bank will never lend more money for a property than it’s actual worth; this makes the appraisal an important first step if you have specific land in mind. If you plan to buy raw acreage for sale, specifically, other elements can factor into the valuation, as opposed to commercial land.
Get an Appraisal on Your Ohio Land for Sale
For any real estate transaction, a land appraiser is an objective third-party with no financial stake in the transaction. These real estate valuation professionals are licensed by the state and knowledgeable about the specifics of the real estate market as it pertains to land sales.
When it comes to commercial real estate and land appraisals, the leader in the community is The Robert Weiler Company. Since 1938, our qualified commercial real estate appraisers have been providing objective and unbiased valuation on commercial property and Ohio land for sale. Call 614-221-4286 to set up your land appraisal appointment today.