Whether you’re selling your home to someone using a mortgage to buy it or thinking about refinancing your current mortgage, one thing many lenders will require is a property appraisal. While the actual inspection make take only an hour or two, the appraiser must go back to the office, do the research and write a hefty report.
Here are five tips to help the appraiser with additional information — and in most instances, a faster turnaround time to complete the report.
- Compile a list of recent improvements. If possible, include “before and after” pictures and copies of paid receipts for work completed. If major updates were made, provide a detailed copy of the bid from the contractor.
- Make sure all areas are accessible, including the attic, basement and crawl spaces. This includes the garage.
- If the home is part of a homeowner’s association, include a copy of the fees paid, as well as the name and phone number of the association president or executive director.
- Straighten up each room. Appraisers are required to photograph each room, and while it may not make a difference to them if the room is messy, there may be an underwriter who is less objective.
- If there are any unfinished projects, make sure they are completed before the inspection.
A little help from you goes a long way to make sure that the appraisal report is complete and accurate.