The Top 10 Things to do to Prepare for an Appraisal

By
Real Estate Appraiser with Michael S. Bolton,Inc.
http://actvra.in/qDv

How To Prepare for a Home Appraisal

Preparing for an appraisal inspectionYou’ve just signed all of the paperwork for your refinance, handed the loan officer the check for the appraisal, and now you’re wondering what is going to happen next. Good news-the appraisal inspection is painless, and usually takes anywhere from 30-60 minutes to complete. However, there are a few things that you should do to help the process move along as smooth as possible.


Preparing for the appraisal inspection:Appraisal checklist of what to do for an appraisal

  • Create a detailed list of the recent improvements, which should include the following: when completed, cost of the improvement, before and after pictures if available.
  • Make sure each room is accessible; the appraiser is required to inspect each room.
  • If there is a crawl space, this area will also have to be made accessible for inspection for an FHA appraisal.
  • Give the appraiser room to do their job. Errors are more likely to occur when the appraiser isn’t able to concentrate on their inspection.
  • Keep all pets restrained. I’ve been bitten twice by a dog, and once by a cat; the owners had assured me that their pets were friendly-not so much!
  • If you live within a development that has a homeowners association, have the name and phone number of the contact person available, along with a fee statement.
  • If the appraisal is for an FHA loan, then the area leading to the attic will have to be cleared and made accessible-the appraiser is required to make at least a head and shoulders inspection of the attic area.
  • Walk through each room and straighten up as if you were getting ready for company to visit. Appraisers are objective and can look past many things, however, the underwriter reviewing the appraisal photos may feel differently.
  • Complete any unfinished projects-most appraisals are done “as is”, and any projects that haven’t been completed, will have to be adjusted for within the appraisal report.
  • A copy of any agreements regarding easements (shared driveways and/or garages,etc.) should be made available.

Concerns about value:

House and concern about valueFor years I’ve been a big proponent of developing a relationship with a Realtor. I’m not talking about a real estate agent who happens to be a relative that lives half way across the state. I’m talking about one that does a lot of work within your neighborhood.

By building a relationship with a professional Realtor (this is all they do and they do it well), they’ll be able to give you great insight as to what’s happening within your neighborhood, and they would be glad to let you know what similar homes are selling for.

 

Once the appraisal is complete:

You have a right to a copy of your appraisal, so ask for it. If you should find any errors or have any concerns, talk with your loan originator. This is hard for borrowers to understand, being that they paid for the appraisal, but the mortgage company is the appraiser’s client, and they can’t discuss the appraisal with anyone else unless given permission.

Trying to understand an appraisal can be like trying to read the “Dead Sea Scrolls,” so ask questions and get clarification when needed-you paid for it!

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If you have any questions, or Minnesota real estate appraisal needs (divorce, bankruptcy, tax appeal, or estate planning) please contact Michael at 612.599-2581, or use the form on the contact page.

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Re-Blogged 34 times:

Re-Blogged By Re-Blogged At
  1. Chuck Carstensen 01/03/2012 10:49 AM
  2. David Popoff 01/03/2012 11:09 AM
  3. Marte Cliff 01/03/2012 12:52 PM
  4. Todd Picconi 01/03/2012 04:53 PM
  5. Erica Ramus 01/03/2012 08:25 PM
  6. Dale Samples 01/03/2012 09:10 PM
  7. Tara Stone 01/03/2012 09:14 PM
  8. Lindsey Hasford 01/04/2012 12:27 AM
  9. Cheryl Ritchie 01/04/2012 07:49 AM
  10. Yvette Chisholm 01/04/2012 09:58 AM
  11. Michael Collins 01/04/2012 10:29 AM
  12. Debbe Perry 01/04/2012 10:57 AM
  13. Virginia Elizondo 01/04/2012 11:10 AM
  14. Gene perez 01/04/2012 11:49 AM
  15. Cari Dandy 01/04/2012 12:42 PM
  16. Carol Fox 01/04/2012 01:20 PM
  17. Gloria Matthews 01/04/2012 02:50 PM
  18. David Krichmar 01/04/2012 03:38 PM
  19. Dennis and Sunshine Smith 01/04/2012 06:40 PM
  20. Chris Jones | NMLS # 130813| FHA | Jumbo Conventional | Lender 01/04/2012 07:37 PM
  21. James Lyon 01/04/2012 07:54 PM
  22. Mark Wozniak 01/04/2012 08:55 PM
  23. Cal Yoder 01/05/2012 04:25 AM
  24. Joni Staples 01/05/2012 01:39 PM
  25. Gene Riemenschneider 01/05/2012 09:34 PM
  26. Joyce Godwin 01/07/2012 12:54 PM
  27. Carla Walker 01/07/2012 04:02 PM
  28. Margaret Woda 01/10/2012 07:42 AM
  29. Gordon Sloan 01/10/2012 07:51 AM
  30. Jim Frimmer 01/14/2012 03:56 AM
  31. Teral McDowell 01/15/2012 09:59 AM
  32. Heather Bicking 01/23/2012 03:28 PM
  33. Shannon Jones 01/23/2012 03:36 PM
  34. Paula Bradfield 06/20/2012 10:53 AM
Tags:
value concern
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Anonymous
Anonymous
Anonymous

HI MICHAEL

thanks for sharing these useful infos.

have a great weekend

jimmy phan

January 07, 2012 04:15 PM #107
Rainer
145,762
Michael S. Bolton
Michael S. Bolton,Inc. - Zimmerman, MN
MN Appraiser

Thanks Joyce!

You're welcome Jimmy!

Have an AWESOME weekend!

 

January 08, 2012 08:30 AM #108
Rainer
15,052
Emma Sagoe
Keller Williams Realty - Rancho Cucamonga, CA

Great post! In fact 'education has no end'. I have found out that when you think you know what you're doing, you'll learn something that will give you an 'ah ha moment'. Thanks for sharing.

January 08, 2012 06:09 PM #109
Rainer
145,762
Michael S. Bolton
Michael S. Bolton,Inc. - Zimmerman, MN
MN Appraiser

Emma~I coldn't agree with you more. Ghandi has a great quote, "Live as if you were to die tomorrow. Learn as if you were to live forever."

January 08, 2012 06:27 PM #110
Rainmaker
249,342
Carla Freund
Keller Williams Preferred Realty - Cary, NC
Your Raleigh - Cary Relocation Specialist

Michael - Great information and I really like that you reminded them to finish any unfinished projects.

January 10, 2012 09:23 PM #111
Rainer
145,762
Michael S. Bolton
Michael S. Bolton,Inc. - Zimmerman, MN
MN Appraiser

Thanks Carla! Sometimes it takes a little prodding to get people to finish their projects, but it's worth it.

Have an AWESOME day!

 

January 11, 2012 06:49 AM #112
Anonymous
Anonymous
Anonymous

Thanks for the insight, me thinks this is tweet-worthy.

January 11, 2012 02:35 PM #113
Rainer
145,762
Michael S. Bolton
Michael S. Bolton,Inc. - Zimmerman, MN
MN Appraiser

Thanks Clifton, very much appreciated.

January 11, 2012 04:39 PM #114
Anonymous
Anonymous
Bob Usey

Good advice!

Although I mostly do commercial sales, I am presently selling a house under FHA guidelines and your article was right on target. Basically if it is there....it better work or get it working.

 

Bob Usey

Gulfport Ms.

January 11, 2012 04:47 PM #115
Rainmaker
233,918
Anne M. Costello
Weidel Realtors - Yardley, PA

Thanks to Jim for the reblog. I had only glanced at this earlier.  Too many selllers do not prepare for the appraisal. Having the property appraise "At Or Above Value" should be the goal of everyone in the transaction. It is in the seller's best interest to follow your suggestions. 

January 14, 2012 06:18 AM #116
Rainmaker
313,069
Frank Laisch
Stewart Title Company - Tampa, FL
"The Insurance Guy"

Michael, These are very good tips & very helpful. we see a lot of appraisals for the insurance quotes. Thanks for sharing

January 14, 2012 06:49 AM #117
Rainer
145,762
Michael S. Bolton
Michael S. Bolton,Inc. - Zimmerman, MN
MN Appraiser

Anne~Thanks Anne, preparing the seller is important in this market.

Frank~I always forget about the insurance aspect when it comes to appraisals. Thanks for stopping by.

Have an AWESOME day!

January 14, 2012 06:18 PM #118
Anonymous
Anonymous
Heather

This is a great post as I am a "newbie" and having this information is invaluable!  Thank you! 

January 23, 2012 03:20 PM #119
Rainer
145,762
Michael S. Bolton
Michael S. Bolton,Inc. - Zimmerman, MN
MN Appraiser

Heather~I glad you found it helpful. If you have any questions please feel free to contact me.

Have an AWESOME day!

January 23, 2012 05:45 PM #120
Rainmaker
245,915
John M. Scott
BRE # 01442690, Scott Keys Properties - San Francisco, CA
Broker / Owner San Francisco Bay Area

Michael, I just caught this post because of a re-blog. Excellent post, and very informative. 

January 23, 2012 09:24 PM #121
Rainer
107,225
Mike McIntosh
Sierra Pacific Mortgage Company, Inc. - Granite Bay, CA
FHA VA CVL Home Loans California - 916 780-6400

Michael - Great tips a very written.  I am going to share your tips with clients as they prepare for appraisal inspections.

Thanks for the post!

May 19, 2012 08:43 AM #122
Rainmaker
600,937
Richard & Beth Witt
RE/MAX Wittney Estates 516-795-6900 www.longislandrealestatesearch.com - Massapequa, NY
Broker/Owner RE/MAX Wittney Estates Long Island NY

Fantastic Post Michael... it was recommended to me and I'm happy I opened it... Great to Bookmark and email to folks having an appraisal done... Have a nice day...

June 13, 2012 04:34 AM #123
Rainmaker
785,892
Paula McDonald
Chevaux Group, PLLC - The Woodlands, TX
CHEVAUX Group ~ The Woodlands, TX 936-203-0279

I just found this post and I am bookmarking it.  Excellent!  Thanks so much.

June 20, 2012 10:56 AM #124
Rainer
145,762
Michael S. Bolton
Michael S. Bolton,Inc. - Zimmerman, MN
MN Appraiser

Thanks Richard and Beth!

Hi Paula, Glad you found it useful!

Have an AWESOME day!

 

June 21, 2012 05:17 AM #125
Rainer
167,569
Dave Sullivan
www.TheCreditGuy.TV - Birmingham, MI
The Real Story on Your Credit Score - TheCreditGuy
 

Excellent information I will forward it if that is ok? thank you!!!

November 16, 2012 03:57 PM #126
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