How to Obtain a Good Appraisal….
The business of appraisals has changed since I started my real estate career many years ago…. especially when the Dodd-Frank Act was enacted in 2010 which I wrote about in a previous blog “Appraisal Scoop 2012“. The essence is that real estate agents and lenders can no longer contact the appraiser directly.
Therefore, there are a few good tips on how to obtain a more accurate appraisal than in the past years….
- Give a brag sheet – all the positive items about your home that indicated value to you when you purchase the home.
- Provide comparable sales – those that are very similar to your home and the relevant details to support it. This is part of your real estate broker’s services…. hopefully!
- Admit to any illegal additions or have the building permits for the additions on hand.
- Appraisers need to see the exterior and interior of the home…. have it in showing condition.
- Florida law states there must be smoke alarms in the home.
- For condos, provide the homeowner association contact information or call to obtain number of units and how many are owner-occupied.
- Explain anything unusual about the home… state repairs that will be completed, alley way access to the home, or….
- No need to state the obvious —- that you have maintained your home by replacing hot water heaters, A/C, updated ;plumbing – unless it is an upgrade from previous plumbing that other neighbors have not done.
Remember that lenders are required to give the mortgage applicants a free copy of the appraisal report. Also, many sellers would like to see a copy of the appraisal on their home; however, since the buyer/mortgage applicant is the one who paid for the report…. they do not need to share it.
What questions do you have about appraisals? I can answer some of the questions and for the more technical ones, have you contact one of the appraisers I know…. just send me an email at [email protected].
