Although characteristics of properties differ widely, all appraisal problems can be solved through the systematic application of the valuation process. In the valuation process the problem is identified, the work necessary to solve the problem is planned and relevant data is collected, verified and analyzed to form an opinion of value.
To prepare for an appraisal, be sure to ask the professional credentials your appraiser holds, how long the appraiser has been in practice and what experience they have in your market area and with your property type. Because the general appearance of your home can affect its evaluation, it’s recommended to clean, fix, or repair any concerns with the inside or outside of your home and to make sure all appliances are working correctly.
Further, it’s recommended that if you are considering renovations to your home before putting it on the market, to contact an appraiser before beginning any work. An appraiser can give an idea of the return on investment any proposed improvements could yield. Finally, when working with a mortgage lender, it is important to know that, as the homeowner, you are entitled to a free copy of the appraisal from the lender no later than three days before the loan closes. You should check the report for any inaccuracies, including the number of bedrooms and bathrooms and the square footage of your property. Should you find any discrepancies, please contact your lender.