Page 20 - NV_DTA_Seller_Guide
P. 20
The Appraisal Process
When a Purchaser is securing a new loan in Appraisers provide a typed report to the Purchaser’s
order to buy a home, the new lender will require lender within a few days. You are notified should
an independent, licensed appraisal to determine the lender require repairs prior to making a loan
fair market value of the Seller’s property. The on the home. If specified in the contract, repairs
appraiser researches similar properties that have must be made and the appraiser will return to
sold in the past 180 days and are similar in size, review required repairs and a reinspection fee
age, construction as well as amenities. would likely be charged.
An appraiser sets an appointment to see the Note: If the Purchaser applies for an FHA or VA
property and takes about 30 minutes to an loan, the property must meet certain requirements.
hour of your time in viewing the property for Chipped or peeling paint on any structure on your
appraisal. He or she measures your home, property must be scraped and repainted. Missing
draws a representative floor plan, photographs or damaged shingles, missing slats or blocks
the residence inside and out and notes property in your fence will have to be replaced as well.
condition, specific improvements and amenities. Additional repairs and/or improvements may
Help the appraiser as well as yourself by have to be made prior to close of escrow as well.
providing a list of improvements/remodeling Your Realtor can advise you on the most current
projects completed since your purchase with an FHA/VA requirements.
approximate dollar amount for each. Remember
that remodeling projects rarely bring a full return
on investment, however the list will ensure the
appraiser is aware of improvements made to the
property.
20
