Having the following documents ready
for the appraiser will speed the process
along...
- 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.
Aside from having the documents handy,
the appraiser will need easy access to
every part of your home. By taking
a few hours to make sure that your home
is free of clutter than will inhibit easy
access and fix simple maintenance issues
makes the entire process smoother.
- 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
spaces.
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