Preparing for an appraisal from Martin Slee

Legally, an appraiser must be state licensed to perform appraisals prepared for federally related transactions - i.e. transactions related to Freddie Mac, Office of Thrift Supervision and the like. Just give me a call at 925-200-2960 if you have any questions about the appraisal process.

To facilitate the appraisal process, it's beneficial to have these documents ready for the appraiser:

  • A survey or plot map of the property and building (if available).

  • Any records on the purchase of the property for the last three years.

  • Written property agreements, such as a maintenance easement for a shared driveway.

  • A list of any personal property that will be left behind and sold with the home, such as an oven, or a washer and dryer.

  • Title policy that lists encroachments or easements.

  • Most recent real estate tax bill and or legal description of the property.

  • Any inspection reports, or other recent reports for termites, EIFS (synthetic stucco) wall systems, your septic system and your well.

  • Brag sheet that lists major home improvements and enhancements, the amount of their purchase and date of their installation (for example, the addition of insulation or roof repairs) and permit confirmation (if available).

  • A copy of the current listing agreement with broker's data sheet and purchase agreement if a sale is "pending".

  • Any "Homeowners Associations" agreements or, if applicable, condo agreements or fees.

  • A list of "proposed" improvements if the property is to be appraised "as complete".

When the appraiser arrives, you do not need to escort him or her along on the entire site inspection, but you should be present to answer questions about your property and be willing to point out any home improvements.

Here are a few other recommendations:

  • Accessibility: Appraisers are very detailed in their inspections. We recommend that all areas of the home are accessible, especially the attic and crawl space.

  • Housekeeping: Appraisers see quite a few of homes a year and are no strangers to clutter, but they're human beings too! A good impact can mean a higher home value.

  • Maintenance: We often suggest fixing minor things like leaky faucets, missing door handles and trim.

  • FHA and VA Inspection Items: If your borrower is trying to apply for either an FHA or VA loan, definitely ask your appraiser if there are extra things that should be done before they arrive. Some things they may recommend might be: installing a banister on all stairways, scraping and repainting where there's paint peeling, eliminating pull-chain lights in areas other than the basement or attic.