| 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 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:
-
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
-
Most recent real estate tax bill and or legal
description of the property
-
Home inspection reports, or other recent
reports for termites, EIFS (synthetic stucco) wall systems,
septic systems and wells
-
Brag 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)
-
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 your appraiser has arrived, you do not need to accompany
him or her along on the entire site 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:
-
Accessibility:
Make sure that all areas of the home are accessible, especially
to the attic and crawl space
-
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
-
Maintenance: Repair minor things like leaky
faucets, missing door handles and trim
-
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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