Six Tips for a Good Appraisal
When getting approved for a loan, usually your home or the home you’re purchasing will need to be appraised by an appraiser.
An appraisal is a detailed report that looks at the condition of the house, the neighborhood and compares them to similar houses in the area. An appraisal can make or break a loan and is a very crucial part of the loan process.
Here are six tips to make sure you optimize your appraisal experience to help you secure your loan and your home:
1. Research: Gather information about comparable homes and their selling prices in the neighborhood. This will help you get an estimate of what you can expect your appraisal to come in at.
2. Record: If there have been any improvements or changes made to the house, keep a record of it. This can include new windows, doors or a finished basement. All these can become helpful for your appraisal.
3. Prepare: Act like the home is being put up for sale. Make sure it’s clean and appealing. Complete any maintenance that is needed, including paint touch-ups, yard trimming, etc.
4. Access: Allow the appraiser full access of your home. If they aren’t able to see the entire house, the appraisal may not be approved by the bank and the appraiser will have to come back.
5. Inform: Let the appraiser know of the improvements done to the home that you previously recorded. Also let them know of any comparable homes you know about through your research. If a home came in lower than the price you’re looking for, mention why your home is different.
6. Hope: Besides any preparations you made, the appraisal is pretty much out of your hands and you can only hope for the best. It will take the appraiser a few days to complete the final report.
The better prepared you are, the better the appraisal experience will be for you!