Getting ready for an appraisal from Appraisal Life, LLC
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Legally, an appraiser must be state licensed to perform appraisals prepared for federally related transactions - i.e. transactions related to OTS, FDIC, etc....
Just give us a call at 6145707481 if you have any questions about the appraisal process.
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To facilitate the appraisal process, it's helpful to have these documents ready for the appraiser:
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A survey or plot map of the property and building (if available).
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Any records on the purchase of the property for the last three years.
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Information on any written private agreements, such as a shared driveway with a neighbor.
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List of personal property to be sold with the building.
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Title policy that lists encroachments or easements.
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A bill for your most recent real estate taxes which should also contain a legal description of the property.
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Home inspection reports, or other recent reports for termites, EIFS (synthetic stucco) wall systems, your septic system and wells.
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A list of any major home improvements and enhancements, the amount of their purchase and date of their installation (for example, the addition of central air conditioning or roof repairs) and permit confirmation (if available).
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Locate copies of the current listing agreement, broker's data sheet and, if the sale is "pending", the purchase agreement.
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Any "Homeowners Associations" agreements or, if applicable, condo agreements or fees.
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A list of "suggested" improvements if the property is to be appraised "as complete".
Once your appraiser arrives, you do not need to escort him or her along on the entire site inspection,
but generally you'll want to be present to answer inquiries about your property and be willing to point out any home improvements.
Here are some other tips:
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Accessibility: Appraisers are very thorough in their inspections. Make sure that all areas of the home are accessible, especially the attic and crawl space.
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Housekeeping: Appraisers see quite a few of homes a year and will look past most clutter, but they're human
beings too! A good impression can mean a higher home value.
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Maintenance: We often recommend fixing small things like leaky faucets, missing door handles and trim.
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FHA and VA Inspection Items: If your borrower is applying for either an FHA or VA loan, definitely ask your appraiser if there are specific things that should be done before they come. Some things they may recommend might be:
putting smoke detectors on all levels and especially near bedrooms,
ensuring there are electrical receptacles in every room and that each outlet works,
fixing leaky or dripping faucets, fixing broken windows or other glass like doors.
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