Page 20 - Frances Porte AZ Seller Guide

The Appraisal Process

When a Purchaser is securing a new loan in order Appraisers provide a typed report to the Purchaser’s
to buy a home, the new lender will require an independent, lender within a few days. You are notified should the lender
licensed appraisal to determine fair market value of the require repairs prior to making a loan on the home.
Seller’s property. The appraiser researches similar If specified in the contract, repairs must be made and the
properties that have sold in the past 180 days and are appraiser will return to review required repairs and a
similar in size, age, construction as well as amenities. reinspection fee would likely be charged.

An appraiser sets an appointment to see the property
and takes about 30 minutes to an hour of your time in Note: If the Purchaser applies for an FHA or VA
viewing the property for appraisal. He or she measures loan, the property must meet certain
your home, draws a representative floor plan, photographs requirements. Chipped or peeling paint on any
structure on your property must be scraped
the residence inside and out and notes property condition, and repainted. Missing or damaged shingles,
specific improvements and amenities. Help the appraiser as missing slats or blocks in your fence will have
well as yourself by providing a list of improvements/ to be replaced as well. Additional repairs and/
remodeling projects completed since your purchase with or improvements may have to be made prior to
close of escrow as well. Your Realtor can advise
an approximate dollar amount for each. Remember that you on the most current FHA/VA requirements.
remodeling projects rarely bring a full return on investment,
however the list will ensure the appraiser is aware of
improvements made to the property.

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