Tips for passing the appraisal process..
How to help get the value you need.
Quick List
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Before you jump into refinancing, make sure you have a general idea of the value of your home before you try to refinance - Don't just guess! Do a little research or call your favorite Realtor. Check online to see what comparable homes in your area have sold for in the last six months. The homes you compare need to be close in square footage, style, rooms, condition and style. Also take into consideration any renovations that the comparable have.
It would not be wise to start the process without having this information, this can lead to an unsettling surprise and unnecessary funds being spent. It's not worth it to spend $300 to $500 on an appraisal only to find your home is not the value you believed it was. With a little research or help of a professional, you can avoid this frustration up front. When you are ready to have your appraisal, it is helpful to provide a list of improvements or renovations that you have done. But don't be surprised if the new paint or flooring does not give you the added value you expected. Be there when the appraiser is doing the inspection. Make sure you can provide them with any information or questions they have. You can also help the impact of the appraisal by improving the overall impression of how well maintained the home is by presenting it in its cleanest condition. Thoroughly clean and de-clutter each room. If you think that you need to make any improvements (i.e. flooring that is not finished, or hole in the roof), you have unfinished projects, go ahead and make those changes BEFORE the appraiser comes. While the appraiser is there make sure everything is in working order. If at all possible, freshen up any faded paint. It will save you in the long run and you will not have to pay for an appraiser twice. |
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