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How
To Prepare for the Appraiser For
homeowners, a real estate appraisal is key to buying or selling their home. It
allows the property transactions to occur among the buyer, seller, real estate
agent and mortgage lender. Before
an Appraiser arrives, there are a few things you should know. By law, an appraiser
must be state licensed to perform appraisals prepared for federally related transactions.
Also by law, you are entitled to receive a copy of the completed appraisal report
from your lender. To
facilitate the appraisal process, it's beneficial to have these documents ready
for the appraiser:
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A survey of the house and land (if readily available) |
| | Information
on the latest purchase of the property in the last three years |
| | Written
property agreements, such as a maintenance agreement for a shared driveway |
| |
List of personal property to be sold with the home |
| | Title
policy that describes encroachments or easements |
| | Most
recent real estate tax bill and or legal description of the property |
| | Home
inspection reports, or other recent reports for termites, EIFS (synthetic stucco)
wall systems, septic systems and wells |
| |
Sheet that lists major home improvements and upgrades, the date of their installation
and their cost (for example, the addition of central air conditioning or roof
repairs) and permit confirmation (if available) |
| | A
copy of the current listing agreement and broker's data sheet and Purchase Agreement
if a sale is "pending". (sales contract) |
| | Information
on "Homeowners Associations" or condominium covenants, fees and project
information. |
| | A
list of "Proposed" improvements if the property is to be appraised "As
Complete". |
Once your appraiser
has arrived, you do not need to accompany him or her along on the entire home
inspection, but you should be available to answer questions about your property
and be willing to point out any home improvements. Here
are some other suggestions:
| | Accessibility:
Make sure that all areas of the home are accessible, especially to the attic and
crawl space |
| | Housekeeping:
Appraisers see hundreds of homes a year and will look past most clutter, but they're
human beings too! A good impression can translate into a higher home value |
| | Maintenance:
Repair minor things like leaky faucets, missing door handles and trim |
| |
FHA/VA Inspection Items: If your borrower is applying for an
FHA/VA loan, be sure to ask your appraiser if there are specific things that should
be done before they come. Some items they may recommend might be: Install smoke
detectors on all levels (especially near bedrooms); install handrails on all stairways;
remove peeling paint and repaint the effected area; provide inspection access
to the attic and crawl | |
