lol As an Appraiser for 19 years and in an office with a 21 yr appraiser I take your comp pages and place them the work folder, never to be looked at again We don't care how much you make from Air B&B, we compare it to other full time single renter units Your improvement list is always welcome and should be made up as you say CLEAN and/or HIDE extra items from the counters, put them in cabinets or under the sink for the inspection Clean out the Sinks, nothing looks worst then a photo of the sink with dishes 12 inches deep or tooth paste spit in it YES, I take photos of the water RUNNING in Every Sink, Flush the Toilet and of the Lights on is the Kitchen and Bathrooms I understand this is an FHA Level type of requirement, but I do it on EVERY HOME MOVE THE DANG CARS Yes, only have one car in the driveway. THINK of who sees the photos. The Lender's Underwriter. As the Appraiser I do not care if you have four cars in the driveway, but the Lender will and I have been asked if in my OPINION if some of the cars APPEAR to be Operational. YES, Lenders CARE. If you can not take care of your CARS, then they may think your are NOT TAKING CARE of your HOME The public never gets to hear the questions the Lender asks the Appraiser and we get a lot of them about properties that are not clean and neat
I bought my house for $230k 2 1/2 years ago & now it’s valued @ 380k coz I added 20k for flops & real nice windows ;-) it’s in peaceful & nice location as well :-)
I’m getting a reappraisal soon and the mortgage company said that they dont evaluate against current market value, but that they add the value of the improvements to the original appraisal amount
Please understand that how many people made offers OR, how high those offers over list price are is irrelevant to what the market indicates the property to be worth, based on comparable sales. An appraisal is based on prior sales not the sale price of a property...EVER! An appraiser is required to have a copy of the purchase agreement, as specifics in that purchase agreement must be reported in the appraisal report. The appraiser's job is to not chase the number (sale price) to determine the value. The appraiser's job is not to justify the sale price from market data. The sale price should NEVER enter the appraiser's process of determining the value of the property. It is what the comparable sales indicate it is, regardless of the agreed to sale price. If a Realtor offers me any data regarding sales I always ask them to tell me what their search criteria was specifically. If sale price is one of the criteria then the Realtor is trying to coerce or influence your decision regarding value. Sale price is NEVER apart of the search criteria.
So here’s a question. I’m about to have my home appraised in a week or so. There’s absolutely no other home neither in my block nor the resent sales in the area that compares to my updates and amenities my home has. On that note, should I print out the comparable of such houses that are totally inferior of mine and sold at a higher square footage because of our area or the ones the ones that has couple similar updates? For an instance. Only my home has a 40x20 inground pool and massive laundry room/mudroom that has amazing pool views and plus. We have 100% update our home from when we bought and I’m getting itchy and apprehensive with the appraisal 😬
lol
As an Appraiser for 19 years and in an office with a 21 yr appraiser
I take your comp pages and place them the work folder, never to be looked at again
We don't care how much you make from Air B&B, we compare it to other full time single renter units
Your improvement list is always welcome and should be made up as you say
CLEAN and/or HIDE extra items from the counters, put them in cabinets or under the sink for the inspection
Clean out the Sinks, nothing looks worst then a photo of the sink with dishes 12 inches deep or tooth paste spit in it
YES, I take photos of the water RUNNING in Every Sink, Flush the Toilet and of the Lights on is the Kitchen and Bathrooms
I understand this is an FHA Level type of requirement, but I do it on EVERY HOME
MOVE THE DANG CARS
Yes, only have one car in the driveway. THINK of who sees the photos. The Lender's Underwriter.
As the Appraiser I do not care if you have four cars in the driveway, but the Lender will and I have been asked if in my OPINION
if some of the cars APPEAR to be Operational. YES, Lenders CARE. If you can not take care of your CARS, then they may
think your are NOT TAKING CARE of your HOME
The public never gets to hear the questions the Lender asks the Appraiser
and we get a lot of them about properties that are not clean and neat
Thanks so much. Just getting ready for the appraiser to make an appointment. This was very helpful
I bought my house for $230k 2 1/2 years ago & now it’s valued @ 380k coz I added 20k for flops & real nice windows ;-) it’s in peaceful & nice location as well :-)
insightful tips here, I will incorporate these into my strategy, thank you !
I keep a detailed listing of my improvements and repairs. I do include the costs of those as well.
I’m getting a reappraisal soon and the mortgage company said that they dont evaluate against current market value, but that they add the value of the improvements to the original appraisal amount
Please understand that how many people made offers OR, how high those offers over list price are is irrelevant to what the market indicates the property to be worth, based on comparable sales. An appraisal is based on prior sales not the sale price of a property...EVER! An appraiser is required to have a copy of the purchase agreement, as specifics in that purchase agreement must be reported in the appraisal report. The appraiser's job is to not chase the number (sale price) to determine the value. The appraiser's job is not to justify the sale price from market data. The sale price should NEVER enter the appraiser's process of determining the value of the property. It is what the comparable sales indicate it is, regardless of the agreed to sale price. If a Realtor offers me any data regarding sales I always ask them to tell me what their search criteria was specifically. If sale price is one of the criteria then the Realtor is trying to coerce or influence your decision regarding value. Sale price is NEVER apart of the search criteria.
So here’s a question. I’m about to have my home appraised in a week or so. There’s absolutely no other home neither in my block nor the resent sales in the area that compares to my updates and amenities my home has. On that note, should I print out the comparable of such houses that are totally inferior of mine and sold at a higher square footage because of our area or the ones the ones that has couple similar updates? For an instance. Only my home has a 40x20 inground pool and massive laundry room/mudroom that has amazing pool views and plus. We have 100% update our home from when we bought and I’m getting itchy and apprehensive with the appraisal 😬
Great tips!
I'm sure appraiser love to see her coming. I would think the appraiser would like to do their job and not have a homeowner, try to do it for them.
1:43 close the deal.... And the blinds. Lol
Playback at 2x to save time
Four yrs ago …. This is spot on for today’s market especially for a seller to do appraisal while it is staged. Looks better.
First!
Second 😊
Here I was told not to let the appraiser see me because they are known to appraise lower when you are a minority....
OMG-- I am so sorry!