If your attic, basement or other storage areas are messy, be sure to tidy them up. Organize and put away anything that may get in the appraiser’s way. For best results, consider hiring a professional cleaning company. Pay extra attention to areas you don’t often clean, such as windows, walls, carpets, curtains, the insides of cabinets, and ceiling corners. While you may not have much control over whether your partner will find you attractive, looking well-groomed and put together improves your chances. Think of getting a home appraisal as going on a first date. 10 Tips to prepare your home for appraisal and inspection Appraisers have no stake in whether you qualify for refinancing, a HELOC or HEA. You can usually expect to pay around $300 to $500 for a single-family home. The lender will then consider that number, the appraisal – as well as your income, assets, and credit record – to decide if you qualify for refinancing, how much and on what terms. The appraiser will use those records and the results of the in-person visit to arrive at an expert opinion of how much your home would sell for on the market. Next, the appraiser will research and compare the transaction records of similar properties that have sold recently in the area. They will measure its dimensions, take photos, look at all aspects of the home, and assess the overall condition. The appraiser will visit your home for 30–60 minutes to inspect it inside and out. Your lender will order an appraisal through an appraisal management company, an individual appraiser, or its in-house appraisal department. This is to ensure that you don’t borrow more money than the property is worth. They know the local area, and their job is to provide an expert, unbiased opinion on the value of your home. Doing a deep clean of your home, freshening up the interior and exterior, and fixing up areas that need repair can help you get a higher appraisal.Īppraisers are licensed or certified professionals who are independent of both the lender and the borrower.And if your home’s valuation is lower than what you owe on the mortgage, you won’t qualify for refinancing at all. If the appraisal shows that the equity you have in your home is less than 20% of its value, your lender may require you to buy private mortgage insurance (PMI), ask you to pay more up front, or offer you a higher interest rate.An independent appraiser will inspect your house in person and look up the transaction records of similar properties that have sold recently to arrive at a valuation of your home.If you plan to refinance a mortgage, you must get an appraisal on the property.
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