Home Warranties and Inspections - Refinance Appraisal - Help Please
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CAPPUCCINO16
03-23-08, 10:17 AM
My husband and I are in the process of refinancing our home for remodeling and repairs. We want to get the best value for our home when the appraiser comes out. We have lived in our home for 11 years and it is very lived in. There is a lot of touch up work that needs to be done, but I was hoping to know key items that the appraiser will be looking for. Help Please!
thezster
03-26-08, 02:54 PM
Not an expert - I've only been through the inspection/appraisal process about a dozen times in the past 5 years. My take/experience is - the appraiser is not so concerned about the "little things" as he is the size of your home, number of bedrooms/bathrooms/etc, the overall functionality of your home and the expected lifetime of major components (roof/HVAC). Obvious deficiencies like holes in the walls will be "downchecks" while things like outdated wallpaper will be marked as "average"... He is more concerned about the neighborhood comps - recent sales of similar properties in like condition to draw his conclusions. We are all human though - and a clean/neat environment will no doubt sway his initial assessment in a positive manner.
RMCHomeowner
04-24-08, 01:45 PM
I'm in the same boat. And, yesterday, I noticed a house in my neighborhood has been foreclosed and is up for auction :(
The area my home is in is large and no other homes are selling right now.
Will this hinder the appraisal?
The area my home is in is large and no other homes are selling right now.
Will this hinder the appraisal?
thezster
04-24-08, 02:26 PM
Shouldn't hurt you - but get your appraisal before the auction sale - as the price it sells for will then be available to be considered as a "comp" for the appraiser.
djcheez
04-29-08, 01:33 AM
as thezster stated, this is correct. minor touch up things can only improve the overall condition of the home and that counts only little in teh overall evaluation. your home can only appraise by what the market is doing and unfortuantley foreclosures can negatively affect values of your homes.
Appraisals of this nature are based on teh sales approach method which relys on marketability of your home. Lenders want to know what your home can sell for if tehy have to take possession and sell it. if 3 similar homes have sold for 190-210k, your home is not going to appraise for 250 k becasue you have nice counter tops, a pool, or a nice new carpet.
So, in recap, you cant do much to your home to help out with an appraisal althoug hif your home is overall in poor condition, gets some paint out and touch up supplies as thsi might get you a few more thousand,
Appraisals of this nature are based on teh sales approach method which relys on marketability of your home. Lenders want to know what your home can sell for if tehy have to take possession and sell it. if 3 similar homes have sold for 190-210k, your home is not going to appraise for 250 k becasue you have nice counter tops, a pool, or a nice new carpet.
So, in recap, you cant do much to your home to help out with an appraisal althoug hif your home is overall in poor condition, gets some paint out and touch up supplies as thsi might get you a few more thousand,