Page 20 - Celeste McIvor - Seller

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.

www.driggtitle.com 20