Housefax, which last year launched $59 property history reports that list mortgages, building permits, natural hazards, comparable sales and other relevant facts about a home, is partnering with Nationwide Property and Appraisal Services to provide “preappraisal” reports that the company says can prevent misunderstandings that lead to sellers overpricing their homes.
More than one-third of home sales are delayed, renegotiated or canceled because of the home appraisal falling short of the contract price, the company said, citing statistics from the National Association of Realtors.
Prepared by a professional appraiser, the Housefax Pre-Appraisal Report “gives home sellers and real estate professionals the value that banks lend on, upfront,” said Ryan Hernberg, president of Nationwide Property and Appraisal Services, in a statement.
The reports start at $199, about half the cost of a traditional appraisal, the companies said.