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We are doing a refi and appraiser man is coming tomorrow. We are sort of in the middle of a lot of projects and the house is not looking its best. We are cleaning up, and patching a few holes but by no means will we be in our selling condition.
We apprasied last year at 395. Our number for the refi without PMI is 394 and we've done a 25K kitchen, but we've also put a few nice holes in the basement to run new plumbing, electric, gas, that we haven't fixed yet hehe.
Make it easy for the appraiser to get in, take measurements and get out. If the place is clean, a nice plus. Don't do anything to draw attention to unpatched holes, but don't cheesily try to hide 'em.
99% of appraisers just want to be fair, anything that looks like are trying to get something past 'em will backfire. Anything that makes it too hard for them to get the measurement and get out will leave them feeling like you don't respect 'em...
I can't speak for all appraisers, but look at what we are doing from our perspective. Our clients want to know about the house. Is it structurally sound, Is it safe (no paint chips, no stairs with broken banisters, no broken glass in windows, ect). What kinds of deferred maintenance is there? Are the eaves damaged by squirrels, have the gutters started to fall down. Is the roof tight? Are there cracks in the foundation? Is there evidence of infestation or water standing?
I assume that most people can get a room painted for $5 worth of paint mistakes from the lumber yard and a case of beer before the bowl game. So paint is irrelevant unless it is needed for weather protection outside. I don't inspect for pet droppings unless they are so overwhelming I need a gas mask to view the property.
The lender is well aware that if they get it back, there is likely to be a dumpster of junk they have to haul off, that there may be holes in the wall, missing fixtures and appliances, torn up carpeting and flooring.........considering what it is likely to be like when the bank gets it back, some kids crayon on the wall is insignificant.
What they want to know is "Is it sound," "is it functional," "is it in good repair," "will it last the life of the loan," "is it similar to the rest of the neighborhood."
On going repairs are acceptable, provided the total cost to complete is relatively small. Serious repairs may have to be finished before closing.
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