What does an appraiser look for in a home appraisal?

What does an appraiser look for in a home appraisal?

What home appraisers look for: What’s the general condition of the house? An appraiser will evaluate and comment on: The materials and conditions of the foundation and exterior walls, the roof surface, screens, gutters and downspouts. The materials and conditions of the floors, walls, and trim.

How long does it take an appraiser to appraise a home?

An appraisal can generally take anywhere from two days to one week to be completed from the time it is ordered by the loan officer or the mortgage company.

How do I get the highest appraisal on my house?

Here are five more home appraisal tips to ensure your home appraises as high as possible.Make those small repairs you’ve been postponing. Enhance your home’s curb appeal. Create a file of all recent improvements, upgrades, and tax documents. Know the comps in your area. Don’t be pushy.

Can a buyer contact an appraiser?

The appraiser is supposed to talk to the client — the lender — not the home owner or the borrower. Obviously the appraiser must talk to the property owner when he/she schedules access to the house, to do the inspection. But if you think the appraisal is flawed, you need to call the lender, not the appraiser.

Do appraisers know the selling price?

The second graphic shows the appraisals on the exact same 8,533 house but in these appraisals, the appraisers knew what price the buyer and seller had already agreed to in their contract. You can see a massive shift in the second appraisals – the lenders’ appraisals. Looking at the exact same 8,533 homes.

What happens if house doesn’t appraise for sale price?

If the appraised value is less than the purchase price, lenders use that value to determine your LTV. Unless the seller agrees to lower the price, you will have to increase your down payment to get the same mortgage and interest rate. Seller and buyer renegotiate a new, lower home sale price.

Do appraisals come in low often?

Low home appraisals do not occur often. Fannie Mae says that appraisals come in low less than 8 percent of the time and many of these low appraisals are renegotiated higher after an appeal, Graham says. How often a home appraisal comes in low depends on the neighborhood and market conditions.