TNC APPRAISAL SERVICE INC's appraisal to-do list
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Did you know the borrower is entitled to receive a copy of the final appraisal report from the lender? Just give us a call at 609-978-1874 if you have any questions about the appraisal process. |
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To simplify the appraisal process, it's helpful to have these documents ready for the appraiser:
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A survey or plot map of the property and building (if available).
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Information on the latest purchase of the property in the last three years.
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Written property agreements, such as a maintenance easement for a shared driveway.
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List of personal property to be sold with the building.
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Title policy that lists encroachments or easements.
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A bill for your most recent real estate taxes which should also contain a legal description of the property.
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Any inspection reports, or other recent reports for termites, EIFS (synthetic stucco) wall systems, your septic system and your well.
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A list of any major home improvements and enhancements, the date of their installation and their cost (for example, the addition of insulation or roof repairs) and permit confirmation (if available).
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A copy of the current listing agreement with broker's data sheet and purchase agreement if a sale is "pending".
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Any "Homeowners Associations" agreements or, if applicable, condo covenants or fees.
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A list of "suggested" improvements if the property is to be appraised "as complete".
When the appraiser has arrived, you do not need to accompany him or her along on the entire site inspection, but it's helpful be available to answer inquiries about your property and identify any home improvements.
Here are some other tips:
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Accessibility: Appraisers are very detailed in their inspections. We recommend that all areas of the home are accessible, especially the attic and crawl space.
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Housekeeping: Appraisers see hundreds of homes a year and aren't surprised at seeing a bit of clutter, but they're human beings too! A good impression can mean a better value for your home.
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Maintenance: We often suggest repairing small things like leaky faucets, missing door handles and trim.
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FHA and VA Inspection Items: If your borrower is applying for either an FHA or VA loan, we strongly recommend to ask your appraiser if there are specific things that should be done before they arrive. Some things they may recommend might be: putting smoke detectors on every floor of the home and especially near bedrooms, ensuring there are electrical receptacles in every room and that each outlet functions, repairing any faucets that leak or drip, replacing broken glass.
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