We’re refinancing the 1st on our house and having an appraisal done. What happens during this process? Should I do something to prepare for it?
We’re refinancing the 1st on our house and having an appraisal done. What happens during this process? Should I do something to prepare for it?
November 11th, 2009 at 4:23 pm
Typically the appraiser will call to schedule an appointment. We inspection interior, take pictures, draw some pictures and finish with inspecting the exterior and measuring foundation. No need to prepare anything, but condition is important both inside and out.
November 11th, 2009 at 5:32 pm
Iam a real estate agent. so here goe’s. the most important room’s of the house are the kitchen, bathroom’s, and the roof
inside make sure that there are no water stains, if so paint them. under the sink’s make sure that there are no water stain’s or leak’s. these are the most important. wash down the outside of your house. if I can help you with your loan contact me, Im in fresno. I wont give you any bull. oh watch out for start rates. get the best that you can get with a no pre pay. so that you can refi when the rate’s go down. please do not go for the pic a pay, interest only. you will pay out the ***.
or lose your home when the rate goe’s up. right now get a 30yr fix untill rate’s come down. God bless my friend.
November 11th, 2009 at 10:15 pm
as most who have responded to the question have indicated —”appraisals are usually no big deal”
but in today’s market property values are dropping extremely fast. so just a note–don’t be surprised if the # comes in lower than what you anticipate.
good luck
November 12th, 2009 at 12:20 am
nothing to it, but pick up a bit just so the photos look nice, but it won’t affect the appraised value very much, since that is better established by current market conditions and the features/condition of your home versus the cost of comparable properties recently sold in the area
November 12th, 2009 at 5:36 am
The appraiser will come ou to the house, take photos, measure, look at condition and amenities.
It can’t hurt to have it neat and clean with the yard in nice shape.
November 12th, 2009 at 10:28 am
I have owned 12 homes and believe it’s just good business to present a clean and well maintained appearance whether selling or simply getting an appraisal. Technically cleanliness should not affec t an appraisal, but they are human and I am convinced that appearance and pleasant smells (baking cookies, candl;es, etc.) have a positive impact.
November 12th, 2009 at 2:46 pm
Im having this exact thing done in a few days. My broker told me to make sure the house is clean because that gives it a better appearance and dont start any projects you cant finish until they come. Thats all I know but its a good question that I want to know the answer to as well.
November 12th, 2009 at 9:11 pm
First of all, DON’T DO IT! Don’t Refinance! Your house is not an ATM.
Secondly, your going to get hosed. Because the appraiser will jack up the price on the estimate as high as he can so you can suck out all the money you can and think your getting a good deal. your not.
Thirdly, once the refi is done, you get wonderful pleasure of paying a higher property tax rate for the falsely inflated price of your home. Which the government will happily take away from you if you fail to meet this obligation cause you failed to include it in your budget for payments.
Fourthly, your actions have now caused the others in your neighborhood to have higher tax rates or re-assessments on their properties and will now be paying more because of your actions. I think they will be really happy to meet you.
Other than this, just clean up your messes and make it accessible to the floor and closets and such so he can run a tape for size. Make sure its’ clean and well painted for the pic that the banker see’s so he will give you lots of money for the property.
Have fun and make sure you smile when the mortgage bill comes round in couple of months.