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Aug 7, 2008 12:03 pm US/Eastern
Angie's List: Preparing For An Appraisal
PHILADELPHIA (CBS 3) ―
Are you thinking of putting your house up for sale? Before you do, you might want to know exactly how much it's worth. Having an appraisal is the best way to find out.
In this week's Angie's List report Jim Donovan shows you what to expect when you hire an appraiser.
A recently Angie's List poll found that nearly half of respondents felt their home lost value in the past year. So turning to an appraiser could be a good way to let you know what you can expect once you put your house up for sale.
"A homeowner might choose to have an appraisal done if they've been doing improvements recently, if they're getting ready to sell their house, or even if they are concerned about their property tax assessment and they want to see how accurate the value is," said Angie Hicks, founder of Angie's List.
She says homeowners should do their prep work before having the appraisal done.
"For example, have the house clear and easy so the appraiser can access all parts of the house. They may even need to go to the attic or basement, for example. Also, have an outline of any types of improvements you've had on the house since it was last appraised because that will play into the value as well," said Hicks.
And prepared, they'll also be looking at your neighborhood.
"When an appraiser is doing an appraisal, they are looking at how your house compares to other comparable houses, which would be other houses in your neighborhood. They may be able to give you good advice on what amenities other houses have that yours might lack, which would be great investment points," said Hicks.
How to prepare for an appraisal:
· Use a licensed, certified, professional appraiser to provide the most accurate estimate of the true value of a property. By law, an appraiser must be state licensed to perform appraisals prepared for federally related transactions. Also by law, you are entitled to receive a copy of the completed appraisal report from your lender. Once an appraiser is licensed, he/she is required to take continuing education courses in order to keep the license current.
· Have a sheet handy that lists major home improvements and upgrades (include the date of installation and the costs.)
· You do not need to accompany the appraiser along on the entire site inspection, but the homeowner can add valuable information such as upgrades, repairs, etc.
· Make sure that all areas of the home are accessible, especially the attic and crawl space. Trim any bushes and move any items aside that would make it difficult to measure the structure.
· Repair minor things like leaky faucets, missing door handles, etc.
One final thought, when
looking to hire an appraiser, you may want to look for one that is certified by
your state. State Certified Appraisers have to pass numerous examinations and
also are recertified on a regular basis.
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