When it comes to selling your home, it may seem like it’s simply about finding a buyer and making sure your paperwork is in order; however, what many homeowners fail to realize is that their home’s appraisal carries an abundance of weight.
In short, without a proper—and successful—appraisal, further property transactions between the buyer, seller, agent, and mortgage lender will cease to exist.
Therefore, before the appraiser arrives, it’s generally a smart idea to have a few things in mind so that you’re prepared for the process:
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1.) THE LAW HAS MANDATES: By law, in order to perform appraisals for federally related transactions, the appraiser must be licensed by the state. From there, it’s also important for homeowners to know that the law also makes it mandatory for lenders provide copies of the completed appraisal report.
2.) HAVE YOUR DOCUMENTS READY: This is where a lot of the paperwork comes in. Beneficial documents include plot plans or surveys of the house/land, information on the property if purchased within the last three years, all written property agreements, home inspection reports or other works reports, list of all major home improvements/upgrades, previous appraisals, and a list of proposed improvements.
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3.) RELAX: Once your appraiser has arrived, it’s not necessary for you to accompany him or her throughout your entire home; however, you still need to be close by and available to answer questions as they arise. It’s important to remember that some appraisers vary on whether they want you at their heels or not, so don’t be afraid to ask what they’d prefer.
4.) ACCESSIBILITY: Make sure there aren’t any areas of your home that fail to offer adequate access—this includes attics and crawl spaces. If you have locks on any doors, make sure they’re left open or the locks have been removed.
5.) HOUSEKEEPING: While appraisers obviously walk through people’s homes for a living and are used to most types of clutter, try to remember that they’re still human beings with a tendency to form an impression based upon the condition of your belongings. It’s always a good idea to make sure things look nice because it may translate into a higher home value. Generally speaking, many appraisers assume that if the home is messy—especially when you know you have company coming by to assess its condition—then there are probably other systems in the home which have not been properly cared for.
6.) MAINTENANCE: To help foster that good impression, repair the little things in advance. While a leaky faucet or missing door handle may seem like minor details, when looking at the big picture, those tiny issues can really add up.
7.) FHA/VA LOANS: When it comes to borrowers who are applying for certain government loans, there might be stipulations applied that are important to understand in advance. Therefore, it’s actually a smart idea to ask your appraiser if there are specific things which should be done before they arrive—i.e. smoke detector installation on all levels, add handrails to stairways, repaint areas affected by peeling paint, and put ground fault protectors on all faucets.
In the end, remember that the appraisal process is simply a little hurdle on your selling journey. If you can be proactive and make a point to deal with the above points, you’ll have a leg up on the process.
If you have any questions, I’d love to be of service to you. Please contact me at any time.
Pamela Wright | OnQ Financial | www.onqfinancial.com | 404-445-1033
