| Many Homeowners have a question in their minds on | | | | and addendum |
| how do they prepare for a real estate appraisal on | | | | * Homeowners Association Agreement or |
| their property. The appraisal in many cases is the most | | | | Condominium Covenants and Fees |
| import part of the buying and selling process which | | | | The appraisal process usually takes about 15 to 20 |
| allows the transaction between buyer, seller, real | | | | minutes on the interior of the dwelling and another 15 to |
| estate agent and mortgage lender or bank to go | | | | 20 on the exterior of the property which includes |
| smoothly. | | | | taking photos and measuring the dimensions of the |
| Most homes that are sold or refinanced are appraised | | | | dwelling. Every owner is different, some properties |
| in " as is" condition and not subject to any minor | | | | owners want to accompany the appraiser through the |
| cosmetic repairs. The appraiser will appraiser the | | | | inspection process while others let the appraiser |
| property exactly the way the property is at the time | | | | inspect the property on their own. Most appraisers do |
| of the inspection. Minor repairs or any work which has | | | | not mind either way what every the homeowner is |
| not been completed will be taken into consideration in | | | | comfortable with and as long as the home owner is |
| the final valuation process. Any work that has been | | | | available for any questions the appraiser may have |
| contracted to be completed will not be considered, | | | | about the property. |
| such as a new kitchen, new bath or an addition. Make | | | | Other suggestions are to make sure the attic access |
| sure any major repairs such as a leaking roof or a | | | | in open to the appraiser, access to basement or crawl |
| wet basement are repaired because most lenders will | | | | space in readily available and access to furnace or |
| not lend money when these problems exist. There are | | | | boiler, electric panel. The appraiser suggests that minor |
| special loan products for these types of problems but | | | | repairs should be corrected like missing switch or outlet |
| the lender should be informed of these problems | | | | covers, leaky faucets, loose or missing door knobs, |
| before inspection. | | | | any trim or moldings installed and paint any trim that is |
| The following documents will help the expedite | | | | flaking or peeling. |
| process and benefit the appraiser in developing the | | | | FHA inspections require that several repairs should be |
| appraisal. | | | | completed before the inspection. Some of these |
| * A plot plan or site map or a survey of the house and | | | | repairs are hand rails to all stairs over two steps, |
| land. (is readily available) | | | | smoke detectors and correct flaking or peeling paint |
| * Information of the latest purchase or transfer of the | | | | on dwelling built before 1978. Attic and crawl space |
| property in the last three years | | | | need to be inspected. |
| * Title policy that describes any easements or | | | | The above suggestions will help streamline the |
| encroachments | | | | appraisal process because most home owners do not |
| * The Deed or Title that determines property is Fee | | | | realize that the majority of the appraisal process takes |
| Simple or a Leasehold and Ground Rent Payments | | | | place before and after the inspection with comparable |
| * Most recent real estate tax bill and legal description | | | | sale and listing research and taking photos of all |
| * Home inspection reports, termite reports and any well | | | | comparable sales and listings. The actual writing of the |
| and septic reports | | | | appraisal report, drawing sketch, installing flood maps, |
| * Any list of upgrades and major home improvements | | | | location maps and sending the completed report to the |
| * Current Real estate Listing Agreement and Contract | | | | lender. |