How to Prepare for an Appraisal

For homeowners, a real estate appraisal is the linchpin to buying or selling their home. It allows the property transactions to occur among the buyer, seller, real estate agent and mortgage lender.

Before I arrive, 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 speed up the appraisal process, it's great if you have some of these documents ready for me!!

• A plot plan or 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
• Home inspection reports, or other recent reports for septic systems and wells
• Brag sheet that lists major home improvements and upgrades, the date of their installation and their cost (for example, the new window, new roof, updated kitchen, etc) 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".
• Information on "Homeowners Associations" or condominium covenants and fees.
• A list of "Proposed" improvements if the property is to be appraised "As Complete".

Once I arrive, please walk through the home with me and tell me all the great things about your home.  Please help me by...

• Accessibility: Make sure that all areas of the home are accessible, especially to the attic and crawl space
• Housekeeping: I see hundreds of homes a year and I will look past most clutter, as I have five kids! The appraisal is based on a condition adjustment that can add thousands of dollars to the value of your home so if you have been meaning to paint and have your carpets shampooed then now is the time as it may significantly increase the value of your home!  Please call me if you have any questions about what else you can do.
• Maintenance: Repair minor things like leaky faucets, missing door handles and trim.  If you have moss on your roof, please remove.  Cleaning your carpets make your home more pleasing.  Remember if you were selling your car would you have it full of McDonald's wrappers, dirt, grease etc?  Please help the value of your home by having it in the best condition possible!!
• 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 spaces.  Are there any health and safety issues that need to be addressed?