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What does a house appraiser look for?

Discussion in 'Ask an Appraiser' started by Cold Spring, Jul 30, 2008.

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  1. Cold Spring

    Cold Spring New Member

    0
    Jul 28, 2008
    Professional Status:
    General Public
    State:
    New York
    We're relocating for work and my company may buy our home. Just had the inspection done and now awaiting the two appraisers. Not really sure what exactly they'll look for and what we should highlight to them or make look the most attractive before they arrive.

    I understand they'll compare it to other homes in our area recently sold (or still on the market?) and physical differences (# of bedrooms, etc.) but don't know much other than that.

    Also, we're then told we need two realtors to come in and give a market value (?)...not sure how this differs from the appraisers. Any advice or insight is greatly appreciated. Thanks!
     
  2. Thomas Fiehler

    Thomas Fiehler Senior Member

    2
    Jun 2, 2003
    Professional Status:
    Certified General Appraiser
    State:
    Ohio
    The type of appraisal report they give to your company is different from a mortgage appraisal. Make sure the interior is neutral (no specific decorating) so that it would appeal to the majority of buyers. If any item needs fixing/repair, make sure that is done. You may consider touching up the landscaping (new mulch, flowers, etc). You will also want to declutter the house. If you have a lot of items, consider renting a storage unit for a short time.
     
  3. Wendy

    Wendy Senior Member

    0
    Feb 23, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    It also does not hurt to gather information so you know the dates and details as to when any major upgrades and/or repairs were done. Most good appraisers will ask for that information.

    Include things like the age of the roof, air conditioning/heating systems, and flooring. Any remodels to kitchens or baths such as new plumbing fixtures, cabinets or countertops should also be noted.

    If any changes were made that required permits you should have that information available too.
     
  4. Cold Spring

    Cold Spring New Member

    0
    Jul 28, 2008
    Professional Status:
    General Public
    State:
    New York
    Thank you very much!
     
  5. Cold Spring

    Cold Spring New Member

    0
    Jul 28, 2008
    Professional Status:
    General Public
    State:
    New York
    During an appraisal, is an appraiser allowed to tell us how much they think the home is worth? Or what in particular might be affecting a higher price? Or must we wait for their report through the relocation company? Thanks.
     
  6. Walter Kirk

    Walter Kirk Senior Member

    9
    Jun 24, 2003
    Professional Status:
    Licensed Appraiser
    State:
    New Jersey
    The appraisers opinion of value is confidential information which can not be disclosed to anyone without the client's permission. In your case the client is the relocation company, not you.
     
  7. Tawfik Ahdab

    Tawfik Ahdab Senior Member

    0
    Feb 19, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Oregon
    The appraiser cannot disclose analyses, opinions, and conclusions to anyone but the client - in this case, the relocation company - as these are subject to the Confidentiality Rule of the Uniform Standards of Professional Appraisal Practice (USPAP).
     
  8. TEL2002

    TEL2002 Elite Member

    2
    Jan 16, 2002
    Professional Status:
    Retired Appraiser
    State:
    Louisiana
    Any appraiser that told you a value number as they are going through your house is not doing their job. They have a lot of work to do to come up with the opinion of market value.

    They also can only discuss the appraisal & appraisal results with their client. More than likely, you are not the client. So get a copy from your relocation company.
     
  9. Ray Miller

    Ray Miller Elite Member

    0
    Feb 20, 2002
    Professional Status:
    Licensed Appraiser
    State:
    Wisconsin
    The real estate agent or broker will give you a “brokers price opinion” in a lot of case that is not the market value.

    The appraiser will give you a projected market value for the subject property to sell in a number of days. In most of the ERC work I do they want a value of the subject property somewhere up to 120 days.

    Make sure the property is clean and neat and in good repair, don’t hide anything and the property where the appraiser can view all four walls of each room and basement. As stated if you have any records of work completed is good. I like to have a copy of all tax records if the owner has them. If you know of any easement be sure and tell the appraisers.

    The appraiser is not allowed to give you an opinion of value. If s/he does I would be looking for a different appraiser. By the way an appraiser can not just look at a property and know the value. A lot of work must go into it to arrive at a proper opinion of value.
     
  10. Mike Kennedy

    Mike Kennedy Elite Member

    38
    Sep 28, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
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