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All about Home Appraisals

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By : Roby Hicks    99 or more times read
Whenever you purchase a home or apply for a mortgage loan, it is important that you know the value of the property you are purchasing. This is where appraisal comes in. Appraisal is one way of identifying the possible selling price of a certain property. However, sellers and buyers are not the only users of it. In fact, it is very important for the lenders as well. This is what they check when a borrower applies for a loan and uses his home as a collateral.

The appraiser is responsible for submitting the appraisal report. He is licensed by the state to do what is asked of him. He has been trained to evaluate properties and compare them to relevant aspects. They have also undergone internship to ensure that they know their roles and responsibilities as appraisers. In order to have an objective evaluation of the property, the appraiser should be someone who does not have any interest on the property being appraised.

There are times when the lenders have an appraiser among their staff. However, firms normally hire someone who is not connected with them. Those borrowers who have asked the services of the appraiser who is not approved by the lender should wait until the lender reviews his report.

The information provided by the appraisers is very helpful. Among them is the state of the property and the conditions or areas that causes the value to go down. However, this is not the same with home inspection as the factors being monitored are not the same. Aside from inputs about the property, the appraiser will also provide details regarding the state of the real estate market and more.

As mentioned earlier, lenders also use this to check the collateral used by the borrower. He would want to be certain that the value of the property is equal to or more than the value of the amount borrowed. If you are the borrower, you should make the necessary preparations. First, it is important to get to know the appraiser before he starts evaluating your property. This will make you more comfortable about the process.

Prepare your property as well. You have to clean or organize it. The way you present your property leaves an impression. If you want to make a good impression, you should present the property in to the appraiser as if you are selling it. However, if you are moving and there are boxes everywhere, it is all right. As long as you arrange the boxes properly and maintain the cleanliness in the area.

You should also make it easy for the appraiser to evaluate your property. Keep in mind that he will measure the walls, check all the rooms and other areas of the house. Make it accessible for him. Remove any objects that could be a threat to him such as pointed objects and the like. This also includes your dog. Even if your dog is friendly, there is a risk of it attacking the appraiser so make sure that it is away from him.
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