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what to expect with home appraisal?

we are refinancing our home and the bank is requiring a home appraisal.  our appraisal is on monday, what can i expect and how should i prepare for it?  thanks!!

Re: what to expect with home appraisal?

  • Really nothing you can do to prepare, unless you have any time for some last-minute fix-ups or coats of paint.

    Our appraisals have taken about 15 - 20 minutes each.  The guy showed up, walked around from room to room taking notes and photos, and he left.

    They usually use area comps and other records to fill in holes (square footage, acreage, etc.), but he/she may ask you some questions about home details.

    We also told our mortgage guy about the renovations we had done within the past year, so he could give the appraiser a heads up.  If you've done any work and you're there when the appraiser is, I'd say talk it up -- it can't hurt!  And mention any "secret gems" he/she may not notice at the outset.  For example, my DH custom-built a permanent 8-person walnut/oak bar downstairs, and the appraiser was really impressed.  It would cost thousands to buy one of those, so we're hoping he evaluated it as an enhancement to the home's value.

    Good luck!

  • We had our house appraised a couple of months ago.  It was no big deal and we did nothing to prepare for it other than trying to make sure it was reasonably clean.  Basically all the appraiser did was measure the square feet and make sure it has all the rooms that it's supposed to. He was in and out in under 20 minutes. I guess if there were any huge issues with the house, he would notice and mark that down, too but it's not like he went out of his way to look for any problems.  He had the report back to us in a week.  Really it was nothing to worry about.
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