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  #1  
Old 07-30-2008, 07:32 AM
Cold Spring Cold Spring is offline
 
Join Date: Jul 2008
State: New York
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Default What does a house appraiser look for?

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!
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  #2  
Old 07-30-2008, 10:41 AM
Thomas Fiehler Thomas Fiehler is offline
 
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Location: Cincinnati,OH
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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  
Old 07-30-2008, 12:04 PM
Wendy Wendy is offline
 
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Location: Volusia/Flagler
State: Florida
Professional Status: Certified Residential Appraiser
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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  
Old 07-30-2008, 07:48 PM
Cold Spring Cold Spring is offline
 
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Thank you very much!
  #5  
Old 08-01-2008, 06:39 AM
Cold Spring Cold Spring is offline
 
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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  
Old 08-01-2008, 02:48 PM
Walter Kirk Walter Kirk is offline
 
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Location: Audubon, N.J.
State: New Jersey
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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  
Old 08-01-2008, 03:00 PM
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Tawfik Ahdab Tawfik Ahdab is offline
 
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Location: Central Oregon Coast
State: Oregon
Professional Status: Certified Residential Appraiser
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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  
Old 08-01-2008, 06:48 PM
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TEL2002 TEL2002 is offline
 
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Location: Louisiana
State: Louisiana
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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  
Old 08-01-2008, 10:35 PM
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Ray Miller Ray Miller is offline
 
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Location: Southwest Wisconsin
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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  
Old 08-02-2008, 10:57 AM
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Mike Kennedy Mike Kennedy is offline
 
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