Page 20 - Kim Sargent GuideSellerCustom.pdf

The Appraisal Process

When a Purchaser is securing a new loan in order
to buy a home, the new lender will require an independent,
licensed appraisal to determine fair market value of the Appraisers provide a typed report to the Purchaser’s
Seller’s property. The appraiser researches similar lender within a few days. You are notified should the lender
properties that have sold in the past 180 days and are require repairs prior to making a loan on the home.
similar in size, age, construction as well as amenities. If specified in the contract, repairs must be made and the
An appraiser sets an appointment to see the property appraiser will return to review required repairs and a
and takes about 30 minutes to an hour of your time in reinspection fee would likely be charged.
viewing the property for appraisal. He or she measures
your home, draws a representative floor plan, photographs
the residence inside and out and notes property condition, Note: If the Purchaser applies for an FHA or VA
specific improvements and amenities. Help the appraiser as loan, the property must meet certain
well as yourself by providing a list of improvements/ requirements. Chipped or peeling paint on any
structure on your property must be scraped
remodeling projects completed since your purchase with and repainted. Missing or damaged shingles,
an approximate dollar amount for each. Remember that missing slats or blocks in your fence will have
remodeling projects rarely bring a full return on investment, to be replaced as well. Additional repairs and/
however the list will ensure the appraiser is aware of or improvements may have to be made prior to
close of escrow as well. Your Realtor can advise
improvements made to the property. you on the most current FHA/VA requirements.

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