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PHH HOMEQUITY: SELLING YOUR HOUSE? FIRST HAVE IT APPRAISED

 PHH HOMEQUITY: SELLING YOUR HOUSE? FIRST HAVE IT APPRAISED
 WILTON, Conn., Feb. 28 /PRNewswire/ -- Much of the frustration in trying to sell a house these days can be avoided with one preliminary step: Have the house appraised.
 "A professional appraisal gives the homeowner a realistic view of the home's current market value and is a benchmark for pricing it," said Harvey Auger, president of PHH Homequity, the world's largest relocation firm. He added that it also is useful in negotiating with a prospective buyer and speeding the selling process.
 But the seller should be sure that the appraiser is certified by a recognized professional organization, Auger cautioned, suggesting that a local board of realtors or a mortgage lender can be helpful in making the selection.
 He also recommends being ready for the appraiser with a plot plan or survey; deeds; property tax bills; a list of improvements since purchase; the mortgage, if any, and its current balance, and any data on comparable home sales in the area.
 He explained that appraisers use three types of data to evaluate a home: general, covering local supply and demand, location, and economic and financing conditions; comparative, the price ranges of houses sold recently in the neighborhood that were similar in size, style and construction, and specific, the sizes of house and lot, plus any features, such as a patio, garage and swimming pool.
 Also affecting the estimated price is the reason the homeowner wants to sell, whether there's an urgent deadline or a more extended time frame, giving the house more market exposure.
 An appraisal takes about two weeks to complete. If, as probably will be the case, it is felt to be satisfactory, the house is ready to go on the market.
 However, Auger advises that if there is any question about the suggested price, a second opinion can be sought. "After all," he said, "appraising a house is not an exact science. It's the appraiser's best estimate."
 -0- 2/28/92
 /CONTACT: Keith Bisogno of PHH Homequity, 203-834-8588, or Bob Davis of Kerr Kelly Inc., 203-622-1723, for PHH Homequity/ CO: PHH Homequity ST: Connecticut IN: FIN SU:


TS -- NYFNS1 -- 3554 02/28/92 07:30 EST
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Publication:PR Newswire
Date:Feb 28, 1992
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