Appraisals By Dana, LLC.
PREPARING FOR AN APPRAISAL
  
Ok, You have just signed a mound of the paperwork for your refinance/purchase, you handed the loan officer the check for the appraisal, and now you are wondering what is going to happen next. Great news while some people will tell you other wise- (the appraisal inspection is truly painless) The physical inspection usually takes anywhere from 30 -90 minutes to complete. However, there are a few things that you should do to help the process move along as smooth as possible. Most of this information is about a refinance but will also apply for a purchase as well.

PREPARING FOR THE APPRAISAL INSPECTION:
  • Create a detailed list of the recent improvements, which should include the following: when completed, cost of the improvement, before and after pictures if available.
  • Make sure each room is accessible; the appraiser is required to inspect each room.
  • If there is a crawl space, this area will also have to be made accessible for the inspection. While this area is more typical for an FHA appraisal, however at appraisalsbydana we make at least a head and shoulders inspection of the crawl space.
  • Give the appraiser room to do their job. Errors are more likely to occur when the appraiser isn’t able to concentrate on their inspection.
  • Keep all pets and kids restrained. I’ve been bitten by a dog, and attacked by a cat. While the owners had assured me that their pets were friendly. Also I have been asked 500 questions by courious kids before. While this is not a real problem it does cause for a laps in concentration.
  • If you live within a development/Subdivision/Condo or other that has a homeowners association, have the name and phone numbers of the contact person available, along with a fee statement. This is so that we can get some information about the HOA and amenities.
  • The area leading to the attic will have to be cleared and made accessible to the appraiser. While this area is more typical for an FHA appraisal, however at appraisalsbydana we make at least a head and shoulders inspection of the attic area.
  • Walk through each room and straighten up as if you were getting ready for company to visit. Appraisers are objective and can look past many things, however, the underwriter reviewing the appraisal photos may feel differently.
  • Complete any unfinished projects-most appraisals are done “as is”, and any projects that haven’t been completed, will have to be adjusted for within the appraisal report and in some cases the appraisal will be made "subject to completion." This may mean that you will have to complete the project and a final inspection will be ordered by the lender before the loan transactions can continue. 
  • A copy of any agreements regarding easements (shared driveways and/or garages,etc.) should be made available.

CONCERNS ABOUT CURRENT VALUE:

For years I’ve been a big proponent of developing a relationship with Realtor's. I’m talking about one that does a lot of work within your specific neighborhood. We would encourage you to building a relationship with a professional Realtor (this is all they do and they do it well). They’ll be able to give you great insight as to what’s happening within your neighborhood, and they would be glad to let you know what similar homes are selling for. This is so there is understanding of what is going on in your current real estate market at the time of the appraisal inspection.


ONCE THE APPRAISAL IS COMPLETE:

You have a right to a copy of your appraisal, so ask for it. This is typically given to the homeowner from the lender after closing. If you should find any errors or have any concerns, talk with your loan originator. This is hard for borrowers to understand, being that they paid for the appraisal, but the mortgage company is the appraiser’s client, and they can’t discuss the appraisal with anyone else unless given permission.

 
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