Appraisal Preparation

Upgrades

Feel free to print, complete this worksheet and leave it on the counter for the Appraiser. It can be helpful for them to see the updates you’ve make to the home since living there.

Homeowner checklist

1. Ensure your landscaping is on point as “curb appeal” is considered during an appraisal
2. Repairing damaged drywall or painting rooms can factor into your valuation
3. Make sure every light switch, wall outlet, fan or vent works
4. Make sure all rooms of the house are accessible
5. Be flexible and coordinate the appointment around the appraiser’s schedule
6. Plan to leave & let the appraiser do the inspection without distraction

What is an appraiser?

Appraisers are considered third-party participants in the transaction. Their work assures mortgage lenders that the amount they are lending does not exceed the home’s true value. Yet, it also assures that you (as the home buyer or homeowner) are receiving a fair, unbiased price for your property.

What does an appraiser look for?

The appraiser researches recently sold properties in your area with features similar to your prospective home, called “comparables.” Comps are sales records of recently sold homes. Appraisers and real estate agents use at least three, usually through the Multiple Listings Service (MLS), to get the most accurate estimate possible of a home’s value. The three comps must be sales that have closed within six months of your appraisal date to be considered accurate.

• The condition of the home (are there any cracks, damages, leaks, etc.)
• The size of the home and the property lot
• The quality of landscaping
• The quality of roofing and foundation
• The number of bedrooms and bathrooms
• The quality of lighting and plumbing
• The number of fireplaces
• The condition of a swimming pool or sprinkler system
• The quality of the basement (whether it’s finished or unfinished)
• The finishing details in the home (such as granite countertops, hardwood floors, and appliances)

How long does an appraisal take?

The appraiser usually takes between 20 minutes to 60 minutes, depending on the size of the property. They’ll use that time to take photos of all living areas which will document the condition of the home.

Once the physical appraisal is complete, the appraiser creates a written report of findings for the mortgage lender. This generally takes three to five days. The appraiser must confirm all data, so this takes some time.

Upgrades

Feel free to print, complete this worksheet and leave it on the counter for the Appraiser. It can be helpful for them to see the updates you’ve made to the home since living there.

Homeowner checklist

1. Ensure your landscaping is on point as “curb appeal” is considered during an appraisal
2. Repairing damaged drywall or painting rooms can factor into your valuation
3. Make sure every light switch, wall outlet, fan or vent works
4. Make sure all rooms of the house are accessible
5. Be flexible and coordinate the appointment around the appraiser’s schedule
6. Plan to leave & let the appraiser do the inspection without distraction

What is an appraiser?

Appraisers are considered third-party participants in the transaction. Their work assures mortgage lenders that the amount they are lending does not exceed the home’s true value. Yet, it also assures that you (as the home buyer or homeowner) are receiving a fair, unbiased price for your property.

What does an appraiser look for?

The appraiser researches recently sold properties in your area with features similar to your prospective home, called “comparables.” Comps are sales records of recently sold homes. Appraisers and real estate agents use at least three, usually through the Multiple Listings Service (MLS), to get the most accurate estimate possible of a home’s value. The three comps must be sales that have closed within six months of your appraisal date to be considered accurate.

• The condition of the home (are there any cracks, damages, leaks, etc.)
• The size of the home and the property lot
• The quality of landscaping
• The quality of roofing and foundation
• The number of bedrooms and bathrooms
• The quality of lighting and plumbing
• The number of fireplaces
• The condition of a swimming pool or sprinkler system
• The quality of the basement (whether it’s finished or unfinished)
• The finishing details in the home (such as granite countertops, hardwood floors, and appliances)

How long does an appraisal take?

The appraiser usually takes between 20 minutes to 60 minutes, depending on the size of the property. They’ll use that time to take photos of all living areas which will document the condition of the home.

Once the physical appraisal is complete, the appraiser creates a written report of findings for the mortgage lender. This generally takes three to five days. The appraiser must confirm all data, so this takes some time.