Preparing for an appraisal from Ken Colley & Associates Inc.
|
|
|
By law, the borrower is are entitled to obtain a copy of the completed appraisal report from the lender.
Just give us a call at 479-452-0078 if you have any questions about the appraisal process.
|
|
|
To help the appraisal go as smoothly as possible we generally recommend to have these documents, if available, ready for the appraiser:
-
A survey or plot map of the property and building (if readily available).
-
Records on the latest purchase of the property in 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 building.
-
Any paperwork, such as a title policy with information on encroachments or easements encroachments or easements.
-
A bill for your most recent real estate taxes which should also contain a legal description of the property.
-
Home 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 amount of their purchase and date of their installation (for example, the addition of energy efficiency upgrades or roof repairs) and permit confirmation (if available).
-
Locate 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 it's helpful be available to answer inquiries about your property and identify any home improvements.
Here are some other helpful suggestions:
-
Accessibility: Appraisers are very meticulous in their inspections. You should make sure that all areas of the home are accessible, especially the attic and crawl space.
-
Housekeeping: Appraisers see hundreds of homes a year and will look past most clutter, but they're human
beings too! A good impact can translate into a higher home value.
-
Maintenance: We generally recommend repairing minor 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, definitely ask your appraiser if there are specific things that should be done before they come. Some items they may recommend might be:
having a banister on all stairways,
removing and touching up where there's paint peeling,
eliminating pull-chain lights in areas other than the basement or attic.
|