To speed up the appraisal process, it's beneficial to have these documents ready for the appraiser:
- • A survey or plot map of the property and building (if available).
- • Any records on the purchase of the property for the last three years.
- • Information on any written private easements, such as a shared driveway with a neighbor.
- • List of personal property to be sold with the building.
- • 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 central air conditioning or roof repairs) and permit confirmation (if available).
- • Find copies of the current listing agreement, broker's data sheet and, in the event of a pending sale.
- • Information on "Homeowners Associations" or condominium covenants and fees.
- • A list of "proposed" improvements when the property is being appraised "as complete".
When the appraiser arrives, you do not need to accompany him or her along on the entire site inspection, but generally you'll want to be
present to answer inquiries about your property and be willing to point out any home improvements.
Here are some other tips:
- • Accessibility: Appraisers are very thorough in their inspections. We recommend that all areas of the home are accessible,
especially the attic and crawl space.
- • Housekeeping: Appraisers see a lot of homes a year and are no strangers to clutter, but they're human beings too! A good
impact can translate into a better home value.
- • Maintenance: We generally suggest fixing small things like leaky faucets, missing door handles and trim.
FHA and VA Inspection Items: In the case of your borrower applying for either an FHA or VA loan, be sure to ask your appraiser if there are extra things that should be done before they arrive. Some things they may recommend might be: installing a banister on all stairways, ensuring there are electrical receptacles in every room and that each outlet functions, repairing any faucets that leak or drip, replacing broken glass.