what kind of things should we do to get a good appraisal on our home ?

Question

we are refinancing our home mortgage and we have to have a new appraisal done since our old one is a year old. what things will the appraisal be looking for when they come.

our first appraisal was 72,000. the lender is looking for an appraisal of 75,000.

Answer 1

Everything will mainy be based on comparable sales in your area in the last 6 months to a year...

One hting you can do is simply make the house look clean...Clean the entire interior, make sure you dont have clutter and messes all over...

Also, things in the exterior of home and your yard will play a huge roll as wll.. Again, just make sure the yard is clean..

This wont do much for the value, but a clean home opposed to a dirty home htat isnt taken care of will fair \better with an appriasal...

As for your refinance, im a mortgae banker of 13 years... IIn this 13 years, i have made great relations with appriasers across the country.. My appriasers do everything in their power to make SURE that you get the value needed if not more!!

Also, it never hurts to get a second quote, so feel free to give me a call at any time to see what other options you have available...

I work with Providential Bancorp a nationwide mortgage lender...

Good Luck to you either way...

Jason Fry
Licensed Mortgage Banker
Providential Bancorp
[e-mail]
312-264-6448

Answer 2

Appraisals are not done based on value judgments. It is quite indifferent. If yours is a residential property, the Comparative Market approach is what they will use. That means they will use the most current sales in your area (last 6 months) and compared those to yours. They probably do not open your refrigerator, turn on your washing machine etc. Those activities are done by home inspectors, not these guys. They will give some consideration to the general appearance of the property, especially the age of the property but they put very little value to the ecstatic side of the property. So tidy up the house a bit but do not blow a bunch of money on it. You won't get it back. Just remember, the lender wants your business and the appraiser do not want to blow your loan application. If it is close enough, they will let it through. Your credit history means a lot more.

Answer 3

In my experience, appraisals for a refinance tend to be more laxed since you already own the home and all you're doing is trying to qualify for a better rate. If your goal is to refinance in order to get rid of PMI (Private Mortgage Insurance) by using the gained equity of the home then you may need to make some upgrades to the home to 'bump up' the appraisal. A coat of paint in the exterior would help. Adding functionality to the home...like a another bedroom or upgrading the kitchen will do the trick. A local Realtor should also be able to help you take into account nearby factors that could affect your price.

Answer 4

Appraisers that I have met look especially close at heating, air conditioning, electrical, plumbing, and the foundation. Updating any of these that are questionable is a good idea. The investment will pay off, believe me! Also, a good appraiser is very thorough so dont think a brand new fuse box will lead him/her to overlook anything else. Good luck.

Answer 5

have you done any improvements to it. paint the house on the inside. they may just do a drive by appraisal.

Answer 6

its not what you can do, its what the broker can say to the appraiser, for more info, contact me through my email address,

[e-mail]

Answer 7

Clean and tidy with no cupboard doors hanging off the hinges.

Answer 8

it truly is not any the position close to as complicated because it replaced into...they're going to seem on the comps and verify out to get it the position the lender desires it to be...hell, a number of them basically stress with the help of and ensure the homestead is status.

Answer 9

THAT YOUR HOME IS IN GOOD SHAPE, PATCHED, PAINTED, THINGS FIXED AND EVERYTHING WORKS.

Answer 10

bathrooms and kitchens!!!!!!!!!!!!!!!