Refinance Mortgage

Question: Appraisal to refinance mortgage for a home remodel, any tips?

(Posted by: Mr Yankee on 2008-05-19 04:35:34)

I am having my home appraised Thursday. Other than tidying the place up is there anything I can do to help elevate the appraisal? Does an appraiser physically check the house like a home inspector? Do they verify that all appliances are working? Are they climbing on the roof etc? Thanks

Posted by: Beverly S on 2008-05-19, 06:11:10

An appraiser is looking at square footage & condition of property so they say it doesn't help to clean up etc. But what a lie that is! Have the house un-cluttered, yard mowed/ trimmed etc. They won't climb on the roof but they will look for signs of leaks- holes in the wall, worn carpet, broken windows- they do not check each appliance but they will check some outlets/ lights- plumbing etc. Not nearly like a home inpection but the better you have things the better for you. One other thing- open windows if weather permits! I had one appraiser come back from doing a clients house & he said the "kitty litter smell " was enough to gag him. Although he said it did not affect his value, the appraisal was lower than expected.

Posted by: tkahrs12122 on 2008-05-19, 04:41:53

No, all they check is sq. footage, number of Bdrms, baths and cosmetic condition. So if you have holes in the wall and water stains on the ceiling or leaking faucets, fix them.

Posted by: murthygsn75 on 2008-05-19, 05:45:41

Appraisal to refinance mortgage for a home remodel, any tips? I am having my home appraised Thursday. Other than tidying the place up is there anything I can do to help elevate the appraisal? Does an appraiser physically check the house like a home inspector? Do they verify that all appliances are working? Are they climbing on the roof etc? Thanks

Posted by: alterfemego on 2008-05-19, 05:47:03

We are not inspectors in that regard. And it makes a difference whether you are going for a conventional loan vs an FHA loan. FHA has their own requirements and the appraiser must advise all. For example, have a smoke alarm that has worked in years - fix it! Make sure all windows are in operating condition. We test for water pressure, we ask about the appliances, but typically most appliances are considered "personal property " depending on the way they are fixed, for example, a Microwave over the range is affixed, and would be tested. Electrical outlets will be tested for FHA. The exterior is evaluated and commented on. We measure for exterior dimensions and make notes on the neighborhood etc. So my advise is if you have deferred maintenance items fix them before the appraiser arrives. If you need more time, then call and push the appointment out until you can make necessary repairs. Condition is important too, be tidy if I have to walk a path thru the house, it doesn't bode well.