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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) |
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Information
on the latest purchase of the property in the last three years |
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Written
property agreements, such as a maintenance agreement for a shared driveway |
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List of personal property to be sold with the home |
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Title
policy that describes encroachments or easements |
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Most
recent real estate tax bill and or legal description of the property |
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Home
inspection reports, or other recent reports for termites, EIFS (synthetic stucco)
wall systems, septic systems and wells |
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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) |
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A
copy of the current listing agreement and broker's data sheet
and Purchase Agreement if a sale is "pending". (sales
contract) |
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Information
on "Homeowners Associations" or condominium covenants,
fees and project information. |
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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:
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Accessibility:
Make sure that all areas of the home are accessible, especially to the attic and
crawl space |
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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 |
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Maintenance:
Repair minor things like leaky faucets, missing door handles and trim |
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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 |
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