How to Prepare for an Appraisal
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:
Housekeeping: Appraisers see hundreds of homes a year
and will look past most clutter, but they're human
beings too! A good impression can't hurt.
Maintenance: Repair minor things like leaky faucets, missing door handles and
trim