Some great tips to save you time on your appraisal from RA Valuations

To appraise a property, an appraiser needs to be licensed by the state when the transaction involves any federal financial regulatory agency such as Fannie Mae, FDIC, etc. Contact us if you have any questions about the appraisal process.

To facilitate the appraisal process, it's helpful to have these documents ready for the appraiser:

  • A plot plan or survey of the house and land (if readily available).

  • Any records on the purchase of the property for the last three years.

  • Written property agreements, such as a maintenance agreement for a shared driveway.

  • List of personal property to be sold with the home.

  • Any paperwork, such as a title policy with information on encroachments or easements encroachments or easements.

  • Most recent real estate tax bill and or legal description of the property.

  • Any inspection reports, or other recent reports for termites, EIFS (synthetic stucco) wall systems, septic systems and wells.

  • A list of any major home improvements and upgrades, the date of their installation and their cost (for example, the addition of insulation or roof repairs) and permit confirmation (if available).

  • A copy of the current listing agreement with broker's data sheet and purchase agreement if a sale is "pending".

  • Any "Homeowners Associations" agreements or, if applicable, condo agreements or fees.

  • A list of "suggested" improvements if the property is to be appraised "as complete".

When the appraiser has arrived, you do not need to escort him or her along on the entire site inspection, but generally you'll want to be present to answer questions about your property and be willing to point out any home improvements.

Here are some other helpful tips:

  • Accessibility: Appraisers are very detailed in their inspections. You should make sure that all areas of the home are accessible, especially the attic and crawl space.

  • Housekeeping: Appraisers see quite a few of homes a year and will look past most clutter, but they're human beings too! A good impact can mean a higher home value.

  • Maintenance: We often recommend fixing small things like leaky faucets, missing door handles and trim.

  • FHA and VA Inspection Items: In the case of your borrower trying to apply for either an FHA or VA loan, be sure to ask your appraiser if there are specific things that should be done before they arrive. Some items they may recommend might be: having smoke detectors on all levels and especially near bedrooms, where paint is peeling it should be sanded and repainted, eliminating pull-chain lights in areas other than the basement or attic.