Buying A Home
queenbone
member
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Is there anything I need to do before the appraisal?
Besides clean the house?
I caught a bit of something on one of the morning shows about requesting a licensed appraiser, having a list of comps ready. This seems a little over the top to me.
What, if anything, did you do before your house was appraised?
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Re: Is there anything I need to do before the appraisal?
Don't bother with the comps unless you know of any comparable FSBOs that have sold recently. The appraiser is going to have access to all, if not more of the sales than you do.
The bank is going to choose a licensed appraiser. Most banks require that their appraisers also carry insurance as well.
A clean house is nice, but not necessary for the appraisal. It really wont make any difference. They will take interior photos though, so not having your bras and undies line drying in the shower would probably be good.
They work off of facts. They will take measurements. They will document what you have (x number of bedrooms, closets, number of rooms, fire places). They will document their opinion of the quality of construction of your home. You will get a general opinion on value or quality of interior fixtures as it compares to other homes in your price point (such as appliances, counter tops, flooring, etc - as long as it is inline with other homes at your price point - it won't be a positive nor a negative).
Although a clean home is nice when ever you have 'guests' in your home - it isn't going to on your appraisal - nor is their a line item for it - UNLESS some how the home is so over-come with stench and garbage (think Horders) that it would impact the value of the home in the neighborhood.
Assuming you keep a 'normal' level of clean and organization - it won't matter. He just needs to be able to measure the rooms and go into the rooms.
They will have access to all the data needed on comps - every market/bank have their own requirements of what comps count depending on how well your market is moving and what comps are available for your home - some markets are 6 miles and 1 mile but others are 1 year and 10 miles.
Your appraisal will compare the facts of your home with the facts of the other comps. You have 1 fire place and the comps have 2 ... you can see a negative $ tick for yours. You have 1500 sq ft and the others have 1300 ... you will see a positive $ tick. And so forth.
There is NO line item for 'cleanliness' or 'organization'.