What You Need to Know Before Your Property Appraisal
To facilitate the appraisal process, it’s beneficial to have these documents ready for the appraiser:
Here is a list of items that are most helpful in determining value of your property. Upgrades, renovation, unique features that you know;
¨ A plot plan or survey of the house and the 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 share of the 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 repots for termites, EIFS (synthetic stucco) wall systems, septic system and wells.
¨ Brag sheets that lists major home improvements and upgrades, the date of the 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 the broker’s data sheet and Purchase Agreement if a sale is “pending”.
¨ Information on “Homeowners Associations” or condominium covenants
¨ A list of “Proposed” improvements if the property is to be appraised “As Complete”
Here are some other suggestions:
¨ Accessibility: Make sure that all the areas of the home are accessible, especially the attic and crawl space
¨ Housekeeping: Appraisers see hundreds of homes a year and will look past 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 Inspections 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 and carbon monoxide on all levels (especially near bedrooms); install handrails on the stairways; remove peeling paint and repaint the effected area; provide inspection access for the attic and crawl space.