Procedures in a Home Appraisal When a licensed, real estate appraiser assesses and estimates the fair market value of the worth of a home, the process is referred to as home appraisal. In order to ensure that the loan amount requested by a home buyer is appropriate, a licensed, real estate appraiser is usually hired by the lender or by the lending institution to appraise the market value of the home which the home buyer intends to acquire. A licensed, real estate appraiser is a highly trained professional, with years of experience in real estate property appraisals backed by a rigorous training, exams, and required continuing education of property appraisal, who determines the value of a home, fairly and objectively, and, with that, he is also required in his appraisal report to substantiate every finding that could influence a home value. The appraisal includes the following: the home’s physical characteristics – age, square footage, number of bedrooms, baths, lot size, location, view points; observable condition of the home; recent sales information on similar properties; and how the neighborhood and community impact the home’s value.
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Before the real estate appraiser can come to the home to perform an assessment, a home seller must first make initial efforts to do something on his home so its market value will increase, so here are some practical tips to note down: patch cracks on walls, repaint water-stained walls, wash and dry soiled carpets, hire pest terminators to eliminates house pests; since appraiser often value a home in $500 increments, make house repairs worth over $500, like fixing leaky faucets, broken windows and cracked ceilings; check the garden landscape and hire a gardener for some maintenance services, most especially on greening the lawn so the landscape and garden will look warm and pleasant; itemize every improvement done, note down the date of repair through the years and how much were the costs because these information will help much in the appraisal of the home; inform the appraiser of new and positive developments in the neighborhood and community, such as construction of a new school, a supermarket, or new roads; allow for new paint coatings of the interior walls and the exterior side to make the home look new again.
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If there are inaccuracies found in the appraisal report or the report is incomplete, a home seller can challenged that report to the lender, however, lenders or a lending institution do have their own internal review system that is able to catch discrepancies, but any additional information that a home seller can give to the lender will help.