Appraisal Inperfection
I've looked online for some information and I have struggled finding just what I was looking for. I am usually a master with google. It seems that people just don't like spelling out anything having to do with real estate. Sure, they will put up websites saying they can help, but you have to trade all your personal information for it first.
Um..no thanks.
So, I will ask blogland for some help.
We are going to have an appraisal done within the the next two weeks. We are refinancing the house, not selling. I know there must be a lower level of perfection expected in a house being refinanced (especially when most of the money taking out is going right back into the house). Everything I have found online is for preparing one's house for appraisal when you are selling.
Here's my question.
How much can I get away with not cleaning/organizing/painting/fixing for this appraisal? I don't have a ton of time and very little money to do this. I want to make a difference where it really matters. Any suggestions?
Um..no thanks.
So, I will ask blogland for some help.
We are going to have an appraisal done within the the next two weeks. We are refinancing the house, not selling. I know there must be a lower level of perfection expected in a house being refinanced (especially when most of the money taking out is going right back into the house). Everything I have found online is for preparing one's house for appraisal when you are selling.
Here's my question.
How much can I get away with not cleaning/organizing/painting/fixing for this appraisal? I don't have a ton of time and very little money to do this. I want to make a difference where it really matters. Any suggestions?
Labels: House
4 Comments:
Appraisers look past the everyday messes.
Differed maintance is where you want to put your effort. So repair things that your husband has been putting off, like the hanging screen, the broken eaves trough etc.
They primarily compare your home with similar homes that have sold recently in your area
hope this helps.
I have your interview questions ready, but need your email address.
I agree with Hope, no painting or anything like that. Just something structural would need to be fixed if it was in need of repair.
Ah, I refinanced last summer. The first appraisal came in so low that it indicated our property had DECREASED in value! I did not believe them, so I scheduled another appraisal.
The first appraisal was conducted when I was hosting guests. There was lots of clutter around and LOTS of people...which I think made a really big difference.
So, before the second appraisal I had my mother-in-law watch my kids for the day. I cleaned for several hours before the appraiser got there. I did nothing more than put stuff away, make sure everything was clean and made sure the storage areas (closets, garage) were somewhat organized (in boxes...which WERE NOT organized on the inside!!).
The second appraisal was almost $100,000 more than the first. What I have come to learn since is that a refinance tends to be MORE conservative than if you were appraising to sell. Because the bank sees the refinance as more of a risk...and they want to make sure they can cover the house value in case of foreclosure. So, make the house as clean and organized as possible, it will pay off in the long run.
One more thing...I had candles burning and cookies just out of the oven when the appraiser arrived. (Someone told me to make the house as warm and inviting as possible, hence the cookies. Hee-hee!) I'd like to think it made a difference. It at least helped to warm his heart!! :)
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