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We are having our appraisal tomorrow. I was just curious as to what all they look at. The house will be "show" ready but I didn't know if there was anything I should pay special attention to.
Just make sure there isn't any obvious damage to the house. You shouldn't have to worry about having it show ready. They're going to be doing most of the work off the comps and just looking at your house to see if it matches up, is better than/worse than the comps.
With the comps we are going to be pushing it to for things to work out. That is why I want to make sure everything is as perfect as it can and I don't miss something they may specifically look at.
If they are coming inside, they are looking for condition and room sizes and if things that are there that were said to be there...not if everything is clean and in order. I guess things have changed because the only time I have had an appraiser go inside the house was when it was brand new. They usually just look at the outside and take pictures and then take pictures of the comps in the area. If the house looks worn or run down, that will reflect in the comps.
The idea of comps in my small town is driving me crazy-the only small houses that have been sold and are up for sale in our area are older manufactured homes or extreme fixer-uppers.The other houses are much bigger and going for 100,000+ over our price.We will be putting our house on the market in 6 weeks.Scary.
We had the appraisal this morning. It was the owner of the company and the appraisor. They were here about 45 mins. Chatted with my realtor, who gave them some better comps to use. They looked around all of the inside and outside and commented on how nicely maintained it was. They then enjoyed the fresh cinnamon rolls and OJ we had for them. They will have everything done this afternoon. We should hear something from the lender today or tomorrow at the latest.
Why are they better? Why didn't the appraiser already have all that data?
Extraneous comments cause problems. The appraiers are there to view the property and it's condition, not chit chat.
This is nice of you to offer. I have a problem with them accepting it......
That quick, eh? Gives them lots of time for sufficient research and verify data, doesn't it?
Wow....that quick?
I would probably fire any appraiser who worked for me who acted like that and made that kind of promise.
Did you pay for the appraisal, did the borrower pay for it, or is it going to be paid at closing?
1 - Every single house in my area we could use as comps are all foreclosures. We are not. Generally a foreclosure wouldn't be considered a comp but since that is all there is we are able to expand the perimeter of our search. It was suggested by people on here plus other realtors for our realtor to have some comps on hand. It isn't like she told them those are the comps that should use. My realtor is working for me so I don't see a problem with her looking up her own comps.
2 - My realtor didn't ask for chit chat. There were 2 guys that came and she overheard the comment and just passed it on to us. It wasn't a comment that was directed to her.
3 - I have snacks at all showings/open houses. Any time my realtor is going to be sitting around my house it is common courtesy I feel to offer something. I would do it for anyone.
As far as the time line for getting the appraisal back. My understanding is they have done a desk appraisal already and coming to the home is just to verify info and to make sure nothing was missed. They had already pulled comps and had information they need on our home and were visually confirming it. I may be saying it incorrectly but that was the basics the way it was told to me. They also have a deadline to have the information turned back in which is end of business tomorrow. I don't set the deadlines!! I'm just going off of what was told to my realtor. What difference is it if they get back to the office and actually work and get the appraisal wrapped up or let it sit on their desk for a week before they decide to pick it back up to finish it. A couple day turn around seems pretty standard to others I have talked with. We are the seller and the buyer is the one paying for the appraisal.
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comps
