How to Prepare for an Appraisal

Before an Appraiser arrives, there are a few things you should know. By law, an appraiser must be state certified to perform appraisals prepared for federally related transactions. Also by law, you are entitled to receive a copy of the completed appraisal report from your lender.

To facilitate the appraisal process, it's beneficial to have these documents ready for the appraiser:

• A plot plan or survey (if readily available)
• Information on the latest purchase of the property in the last three years
• Written property agreements, such as a maintenance agreement for a shared driveway
• Home inspection reports, or other recent reports for termites, EIFS (synthetic stucco) wall systems, septic systems and wells
• List of major home improvements and upgrades, the date of their installation and their cost (for example, the addition of central air conditioning or roof repairs)
• A copy of the current MLS listing and Purchase Agreement if a sale is "pending".
• Information on "Homeowners Associations" or condominium covenants and fees

Here are some other suggestions:

• Accessibility: Make sure that all areas of the home are accessible, especially to the attic and crawl space for FHA loans
• Housekeeping: Appraisers see hundreds of homes a year and will look past most clutter. Our focus is structural integrity and functional utility.
• FHA/VA Inspection Items: If your borrower is applying for an FHA/VA loan, be sure to ask your appraiser if there are specific things that should be done before they come. Some items they may recommend might be: Install smoke detectors on all levels (especially near bedrooms); install handrails on all stairways; remove peeling paint and repaint the effected area; provide inspection access to the attic and crawl spaces.