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:
- Floor plan of the apartment or townhouse (if available)
- Financial Statements (for cooperative apartments)
- Information on common charges or maintenance fees (if condo or coop)
- Information on any transfers/sales of the property in the last three years
- Broker's data sheet and Purchase Agreement if a sale is "pending"
- List of personal property to be sold with the home (if applicable)
- Most recent real estate tax bill and/or legal description of the property
- List of major upgrades, the date of their installation and their cost
- A list of "Proposed" improvements if the property is to be appraised "Subject to" completion of renovations or construction.
- A plot plan or survey of the house and land (if applicable)
Commercial properties require additional and different documentation that will be requested by the appraiser.
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 renovations or special features.
Here are some other suggestions:
- Accessibility: Make sure that all areas of the home are accessible
- Housekeeping: Appraisers see hundreds of homes a year and will look past most clutter. However, keeping hallways and rooms clear will expedite the inspection and make the appraiser's job easier
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