What to Expect From Appraisers Who Appraise Your House
An appraisal of your home should not cause worry. Appraisers evaluate your home as though they would consider it for purchase. They look at your home through objective eyes and try to determine the value a buyer and seller would agree upon if both were equally informed about the local market. Prepare your home for the appraisal as though you are preparing for a buyer's inspection. You will likely spend little time with your appraiser during the home inspection, but you can make it productive and informative.
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Professionalism
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Appraisers must successfully complete coursework and on-the-job training requirements to secure an appraisal license. All appraisal activities must comply with standards written by the Appraisal Standards Board and published in the Uniform Standards of Professional Appraisal Practice, or USPAP. The standards exist to promote public trust in the appraisal practice. USPAP outlines objective processes and ethical guidelines that cover all appraisal activities. Appraisers are bound to confidentiality about your property and your transaction. Federal laws protect appraisers from all pressures to write an appraisal report to meet a preferred conclusion.
Attention to Details
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An appraiser looks for the same kinds of things that a buyer notices. She will conduct a thorough exploration of your home's features. Expect the appraiser to measure your home and to calculate your gross living area. She will deduct space that is not considered living area, such as a covered porch. Appraisers will evaluate things like the traffic flow through your home. A bedroom that you can only access through another bedroom detracts from your home's functional utility. The appraiser will note incomplete maintenance items if they carry significant weight, such as an old roof. Fresh paint and doors that don't squeak contribute to the overall impression of a well-maintained home.
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Questions
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Appraisers want to know about upgrades you have made to the home. They may ask about the age of your heating system, your floors and your windows. If you have detailed information about home improvement costs, provide it to the appraiser. Because they consider your home's competitive value in your neighborhood, they may ask about other homes that have sold recently. The appraisal report covers your access to parks, schools and other community resources. Expect questions about tax records, easements and property agreements, such as the maintenance of a shared driveway.
Market Competency
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Your appraiser should possess knowledge about and appraisal experience in your geographic market. If your appraiser comes from a community that is a long distance away, ask questions about her appraisal experience in your neighborhood. Appraisers must consider all relevant sales that have taken place and evaluate them to determine which ones will support a realistic value for your home. Economic factors, such as the supply of homes on the market and buyers' demand, factor into the valuation process. The appraiser's familiarity with your local real estate market leads to making reasonable judgments in the process and contributes to a credible appraisal report.
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References
- Photo Credit Living room image by MAXFX from Fotolia.com
