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.
- 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
