Page 20 - Victor Alvarado Seller Guide
P. 20

The Appraisal Process







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