There are a few things you should know before the appraiser arrives. Today about 98% of appraisals are completed “as is”. What this means is that Kehr and Associates will inspect and complete your appraisal exactly as it is at the time the appraiser inspects your property. Any items not completed or in need of repair at the time of inspection will be noted in the overall value of the report. If work is contracted after inspection date, this will not be included in the final opinion of value. The majority of lenders today will not lend on homes that are in need of major repairs, such as but not limited to; significantly wet basements or badly leaking roofs. If your home is in need of repairs, please make sure your lender is aware of this situation so that the loan program they chose meets the demands of you and your home.
It will be beneficial to have these documents ready for the appraiser:
• A plat or survey plan of the house and land, if available
• Purchase information on property in the last three (3) years
• Title policies that describes any encroachments and/or easements
• Any written property agreements for items such as a shared driveway
• A legal description or real estate tax bill
• Home inspection reports, or other recent reports (termites, septic systems, wells, roof or water proofing certifications, etc.)
• A list of major home improvements and upgrades: (receipts, date of installation and cost, permit confirmation, if available)
• If property is listed for sale: Current listing agreement and broker’s date sheet and Purchase Agreement if the sale is “pending”
• Information on Homeowners or Condominium Associations (management company’s contact person and phone number, restrictions, fees, amenities)
• If the property is currently tenant occupied, please bring a copy of the most recent Rental Agreement
• At the appraiser’s arrival, you do not have to escort him or her around the property, but you do need to be available for any questions the appraiser might have and to also point out any improvements to the property. Please do whatever makes you feel comfortable. We want this to be a pleasant experience.
Here are some more suggestions:
• Accessibility: It is very important that all rooms, basement, attic and crawl spaces are accessible. The report cannot be completed if any access is denied or unavailable.
• Cleanliness: Appraisers will look past clutter, but interior photos will be taken and a good impression can translate into a higher home value.
• Maintenance: Again, good impression makes a difference. So, minor repair work is recommended like: peeling paint, missing door handles, leaky faucets, holes in walls or screens,
• FHA Inspection: If the product loan is a FHA loan, please check with the appraiser to see if any special conditions need to be done before inspection. There are some specific items that are recommended, such as: smoke detectors throughout all levels of the home; handrails on all stairways’; remove any peeling paint and repaint removal area; and attics and crawls spaces need to be accessible.