Compare Mortgage Quotes

Guest

Hello all… I would like to have some suggestions.

Can anyone let us know how we can prepare our property for appraisal? Also… is it mandatory for the owner to appraise the property before selling it off? Do appraisers take side? What I mean is that - after the good faith money is paid, do appraisers take the side of the lenders? Do they appraise the property for what the lender wants to hear?

apexoffice · Posted: Wed Jan 06, 2010 10:07 am Post subject:

Hey Jeremiah,

Appraisers are to remain objective and unbiased. We are not an advocate for any side. In a purchase transaction, we are hired by the lender for the purpose of their own risk assessment so we may have to follow their specific guidelines for the completion of the report, but that does not change our impartiality. We have no interest whatsoever in the outcome of the loan or the transaction.

I hope this helps.

gmakerley · Posted: Wed Jan 06, 2010 12:45 pm Post subject:

as far as preparing the property - just clean it up - move obstacles out of the way, and don't let too much debris hang around.

Niicss · Posted: Thu Jan 07, 2010 3:22 am Post subject:

Here are a few steps which you can take in order to prepare the property for appraisal:
1. Improve your front yard landscape as it gives the first impression about your property.
2. Put a fresh coat of paint.
3. Repair the inside as well as outside of the house.
4. Renew the outdated fixtures but you do not need to overspend on it.

gmakerley · Posted: Thu Jan 07, 2010 9:57 am Post subject:

but it's only an appraisal, niicss! what you noted is great stuff, but i think it's more relevant to a showing of the house by a realtor asyou try to sell it.

apexoffice · Posted: Thu Jan 07, 2010 11:04 am Post subject:

I might have to disagree with you George. Appraisals are directly tied to real estate sales in terms of the principle of substitution. Improving marketability can go a long way in terms of value. I would probably only say a fresh coat of paint if the walls are dingy, but a good clean-up and repairs can go a long way. Curb appeal is also very important. As far as updating fixtures and renovating, I would be careful and let the market guide you on this. I have seen some neighborhoods that even the most minor changes are a waste of money in terms of value, while others can increase dramatically just with a few upgrades, especially if the home is old. People ask me all the time if they should clean up and while we can overlook some clutter, we are also human beings and may associate a dirty house with a lower value.

gmakerley · Posted: Thu Jan 07, 2010 11:11 am Post subject:

i guess my thoughts were along the lines of a refinance, and i didn't consider that the poster was planning for an appraisal relating to a proposed sale. on second thought, now, i can't disagree with either you or niicss' points. yes, indeed, in a sale situation, upgrading/updating/cleaning, etc. are well worth the trouble.

and i was considering clutter, as you noted; but i have to tell you the guys i have work on my appraisals are not human beings - they're on a whole different level!

Guest

It makes no difference to an honest Appraiser whether it is for a sale or not. The question is What is Market Value. The answer should be identical whether it is for a sale, refi, home equity loan, divorce or any thing else. Now if the definition of value is different, such as quick sale, liquidation value, anticipated sales price, of course the answer will likely be different because the question is different. Not all value questions are the same. In market value the value in part is based on what a typical buyer would pay, not a specific buyer and it does not change based on a loan amount or sale price or refi, etc

gmakerley · Posted: Wed Feb 10, 2010 6:51 am Post subject:

well, mr appraiser, you came late to the party, but you've got some valuable insight to share. it's almost funny to see all these new posts in the appraisal section - it's been one of the dormant areas. maybe this will spur additional questions; there's been so much turmoil in the appraisal area in the last year or so that there's lots of valuable information to be had, and consumers are ill-prepared for some of the situations that arise.

danielhenry31 · Joined: 07 Jul 2010 Posts: 5 1.78 Dollars($)

Well that makes no difference to an honest evaluator whether commercial or not. The question is: what is the market value. The answer must be the same whether for sale, refinancing, home loans, divorce or something else. However, if the definition of value is different, as the quick sale liquidation value, the expected selling price, of course, the answer is probably different because the issue is different.

gmakerley · Posted: Tue Jul 13, 2010 8:07 am Post subject:

Daniel, to which post are you referring here? "That makes no difference" could relate to most anything that precedes it. Please give us a reference point so we can put your comments into the proper context.

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

How to get ready for property appraisal