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Preparing for a Property Appraisal

January 11, 2016 By: Great Midwest Bank

Appraisal Great Midwest Bank

Selling your home or considering a refinance in the near future? We’ve offered up some tips to help the appraiser and which may help with a quicker turn-around time and perhaps even a higher value!

  • Do your best to avoid the topic of value the minute an appraiser walks in the door. Everyone knows it’s the million dollar question. If you’re selling, yes, the appraiser has a copy of the purchase contract so there is no mystery about the agreed-upon price. But if you’re in the midst of a refinance, only offer objective information about value. If you know of some recent sales involving similar home size, vicinity, style, bedroom and bathroom count, perhaps bring them up.
  • Try not to take the process personally. Homeowners tend to be emotional about their home value. But in reality, the process is most often very objective, especially in a market when homes are selling in orderly fashion.
  • Compile a list of recent improvements. If possible include “before and after” pictures, and copies of paid receipts for work completed. If major updates were made, provide a detailed copy of the bid from the contractor.
  • Make sure all areas are accessible, including the garage, attic, basement and crawl spaces.
  • If you belong to a homeowner’s association, include a copy of the fees paid, and the name and phone number of the association contact.
  • Point out any easements, encroachments or unusual deed restrictions.
  • Do what you can to tidy up each room. Appraisers are required to photograph all of them, and while a messy room may not make a difference to the appraiser, it doesn’t hurt to make a favorable impression during the appraisal review process.
  • If there are any unfinished projects, big or small, make sure they are completed before the inspection. We run into a few situations a year where a bathroom is demolished to the studs. An appraiser will need to charge for a trip back to complete the report in most cases.

Still have questions about getting a property appraisal, refinancing your mortgage or beginning the mortgage process? Contact Great Midwest Bank to speak with one of our friendly, experienced loan officers today.

Photo credit: njhomepictures via / CC BY-ND

Posted in  Refinancing  Selling Your Home