How to Streamline Your Appraisal

By Teresa Ambord

Whether you are selling your home or refinancing it, every step of the way can feel like it takes a lifetime. As a homeowner you may feel powerless to streamline the process. But you can make at least one of the steps easier.

Certified Real Estate Appraiser Linda James suggests the following tips for a smoother appraisal:

  • Provide a list of the improvements you've made and the costs, but only for projects costing at least $500.
  • List anything that is unusual about your home compared to similar size houses in your neighborhood. Include upgrades, like tile counters or skylights.
  • If you've done remodels or additions, save time by having copies of permits on hand. Blueprints are also helpful so the appraiser can accurately determine where the original house ends and the new addition begins.
  • If you have had a previous appraisal, provide a copy of the floor plan and first page of the report, which gives basic information. The appraiser will then note the changes.
  • List the names of nearby schools, parks, or other features that enhance the neighborhood, like easy access to public transportation or freeways.
  • You know your neighborhood best. If a home similar to yours has recently sold, give the address to the appraiser. This is especially helpful if the home was sold by the owner, since the appraiser may not have access to that information. If you know of any unusual details about the house, such as skylights or vaulted ceilings, this will be bonus information for the appraiser who is trying to find the best comparisons on which to base your report.
  • Don't stress out if the house is not tidy during the inspection. According to James, housekeeping is not as big an issue as you'd expect. Experienced appraisers know the difference between your teenager's unmade bed and the structural features of the house.

However...

  • Be prepared for photos to be taken. This will usually include a front view, rear view, and a view from the street. Also, the appraiser may want photos of unusual features, like an extra-large kitchen.
  • A common, time-consuming problem is that often there is no clear path around the home. The appraiser will need to obtain precise measurements, so be sure bikes, lawnmowers, etc., are moved away from the house.
  • Resist the temptation to water your lawn and flowers just before the inspection. The appraiser will be walking the perimeter of your house, and may then have to re-enter your home with muddy shoes.

Need a Copy?

If you want a copy of your appraisal, you will usually need to ask for it in writing, since providing one is not common practice. Even though you are paying for it, the appraisal is owned by the lender. However, under the Equal Credit Opportunity Act, consumers must be given a copy upon written request.

How Long Does It Take?

Remember that a typical turnaround time for a residential report is a few days to two weeks, assuming normal real estate market conditions. Commercial real estate turnaround times can take from one to four weeks, also under normal market conditions.

Plan ahead, because during volatile times, appraisers are often booked well in advance. Stay in touch with your appraiser if you must change your inspection time, because most of them are on very tight schedules and may not be able to accommodate you right away if you miss your appointment.

Following these easy steps should make the process flow more smoothly and also save you a few headaches.





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