We all know that appraisals are one of the major hurdles for sellers, buyers and lenders these days on a transaction. So here are some tips for TMR sellers to follow, that will help move the appraisal process along smoothly, and will ensure the appraiser has all the available info needed to complete an appraisal report that is NOT left up to chance. Tahoe Mountain Resorts agents will help guide you through the process.
1. Compile a list of recent improvements. If possible, include before and after pictures, and copies of paid receipts for the work completed. If major updates were done, provide a detailed copy of the contractor’s bid.
2. Make sure all areas are accessible, including the attic, basement and crawl spaces. This includes the garage.
3. Provide HOA information. If the home is part of a homeowner’s association, include a copy of the fees paid and name and phone number of the association president or association administrator.
4. If the appraisal is for an FHA loan, then the area leading to the attic will have to be cleared and made accessible-the appraiser is required to make at least a head and shoulders inspection of the attic area.
5. Install carbon monoxide detectors. This is now CA law that carbon monoxide detectors are installed on each level on a home. If these are not installed when an appraiser shows up to do the appraisal, the lender will ask that these are installed in the home and will ask the appraiser to go back out to the home again to take a picture to verify they were installed. This can cost up to $175 for a re-inspection, so installing these before the appraiser shows up will save you money.
6. Straighten up each room. Appraisers are required to photograph each room, and while it may not make a difference to them if the room is messy, there is an underwriter who may be less objective.
7. Finish up any projects. If there are any unfinished projects, make sure the seller completes them before the appraiser’s inspection.