Woodbridge Appraisal Service Toll Free 1-877-VALUE20, Local 434-244-6415, Fax 434-244-6416 Residential Appraisal Specialists serving Virginia, Washington, DC and Suburban Maryland How to Prepare for an Appraisal For homeowners, a real estate appraisal is the linchpin to mortgage refinancing, and buying or selling their home. It allows the property transactions to occur among the buyer, seller, real estate agent and mortgage lender. By law, you are entitled to receive a copy of the completed appraisal report from your lender. Once your appraiser has arrived, you do not need to accompany him or her along on the entire site inspection, but you should be ready to answer questions about your property and be willing to point out any home improvements. If you are unable to personally attend the appointment, be sure to provide a phone number where you can be reached in the event there are questions. Here are some other suggestions:
To facilitate the appraisal process, it's beneficial to have these documents ready for the appraiser:
A little preparation in advance will ensure your appraisal appointment will go smoothly, and will eliminate the need for additional follow-up appointments. When the appraiser arrives at your home, he/she is at the beginning of the appraisal process. The process starts with gathering information about your home and your neighborhood. The appraiser does not develop an opinion of value until much later in the process. At that time, the appraiser will thoroughly research market activity in your area, and determines how your home relates to that market activity. If your appraisal is to be used for the benefit of another party (lending institution, relocation company, etc.), the appraiser will not be able to discuss value issues or other details of the appraisal. By law, these institutions are considered to be the appraiser's client and the appraiser can only discuss details of the appraisal them. If you require any information about the appraisal, you must obtain the information from your lender, relocation company, etc. |