Preparing for a Property Appraisal
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!
1. 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.
2. 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.
3. 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.
4. Make sure all areas are accessible.
This includes the garage, attic, basement and crawl spaces.
5. Include HOA info.
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.
6. Disclose all necessary details.
Point out any easements, encroachments or unusual deed restrictions.
7. 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.
8. Wrap up projects.
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.