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June 9, 2014

What Should I Do Before An Appraisal?

When it comes to ordering your appraisal, you don't want to find out after its completed that you should have done something first. I have seen these tips save people thousands.

  1. Verify you have a carbon monoxide detector in addition to smoke detectors. They must be in working order as well.
  2. Make sure your water heater has two metal straps holding it against the wall, the old single strap is no longer sufficient.
  3. If any unpermitted additions were done to the home, you need to notify your loan officer right away. Some lenders will deny the loan unless you get permits for the work prior to funding. Even if the work was done prior to you purchasing the home.
  4. Remove any clutter like your cars from in front of your home. The front of your home will be used as the main photo in your report and featured in your review on my website.  You want your home to look its best. Also they will be taking pictures of every room in the house. Pick up if you have not done so already.
  5. If you are repainting or changing the floor, hold the phone because you will have to have a re inspection done before funding and that will cost you another 150 or more in fees as well as possibly delaying the funding of your loan. Before you lock your rate or order the appraisal, make sure your home is going to pass inspection. Talk to your loan officer about the type of work being done. 
  6. Remember most lenders need more than 3 recent comparable sales to complete an appraisal report. If you don't think any homes have sold in your area for a while, notify your loan officer, he needs to check the comps before ordering the inspection.
If you really want to be the client of the year, there is a way you can help your lender. They are not allowed to communicate directly with the appraiser, so the only way we know if the appraisal was scheduled and executed is if you tell us. Send your loan officer an email when you set the appointment and another when the appointment is done. This could expedite the process.