https://www.homeappraisalsbatonrouge.com/ – How To Prepare For A Baton Rouge Home Appraisal Appraiser Inspection For A Mortgage Loan (Conventional, FHA, VA or FMHA Rural Development).
Hi, this is Accurate Valuations Group Appraiser, Bill Cobb, in Greater Baton Rouge Louisiana, 225-293-1500 or [email protected]. I came across this helpful article on ActiveRain Network I wanted to share about how to prepare for the home appraisal inspection (not the same as a home inspection by a home inspector). The article seems to be applicable for an FHA appraisal inspection and there are also less stringent Conventional Loan appraisal inspection guidelines as well. Mr. Bolton’s article is helpful and a good start, but needs more said.
Preparation Musts and Recommendation I Would Like To Add!
1.) You are trying to “sell” your home to the lender! No, I don’t mean that you’re trying to literally sell your home, but rather you’re trying to impress the lender enough for them to agree to make this loan. Lenders aren’t as anxious to make home loans any longer post housing meltdown. Not only will your lender make this loan, but several other entities that buy this loan will also see the appraisal. A severely unkept home does speak volumes to lenders about how you as a borrower might also maintain other areas of your life, such as your finances, about how responsible you are. In my 21 years of appraising homes, I’ve seen the cleanliness of homes and yards on the decline.
2.) Photos. One of the major changes on lending is the requirement for lots of photos, exterior and interior. When the appraiser arrives, they will be taking photos of every room in your home. Each room needs to be accessible with no doors locked. And, at least 1 interior lights need to be turned on in each room when the appraiser arrives. In 2011, I appraised a large 5,000sf home with 4.5 baths and failed to include the 1/2 bath photo and had to revisit the home to take the photo and correct the appraisal, holding up the home loan closing. All of the Lenders I work for are very serious about all rooms being in the photos in a report.
Below is an “exhaustive” list from a lender where it states ALL interior rooms. To see an enlarged view of this list, click on the image below.
3.) Make A List Of ALL Renovations and Upgrades For Kitchen and Bathrooms for the past 15 years. YES, I said 15 years. This is a new requirement from Fannie Mae, Freddie Mac, FHA and VA as of 09/01/2011 called UAD. Specificially, UAD requires, “Condition must state the rating, then indicate Yes or NO if there has been any material work done to the Kitchen(s) or Bathroom(s) in the prior 15 years. If Yes, additional information for Kitchens and Bathroom must be provided including updated or remodeled and the timeframe.”
4.) When the appraiser’s office calls to setup the appraisal inspection, PLEASE focus and listen to the conversation. At my office, my staff sets up my appraisal inspections and I can hear them explain it. They explain how to prepare for the inspection, explain the list I need from them about updates and that I will be taking interior photos. Honestly, a large percent of time, borrower is not even listening to the conversation. When I begin taking interior photos in their home, some are shocked and say things like, “Oh No! I wish I had known you would be taking interior photos of my house!”. Or, they say, “If I had known you needed this list, I would have had my husband write this down!” My point is not to belittle borrowers. Today, what appraisers are asking for isn’t optional and if it’s not provided or if we’re not able to take the photos needed, it could hold up your loan closing.
5.) As Mr. Bolton stated, please don’t follow the appraiser around during the inspection, especially when appraiser is measuring the exterior. Exterior measurement requires concentration and is normally completed when the appraiser arrives. However, that’s when the appraiser and borrower first meet and the borrower has so much that they want to say to appraiser. Over the years, I’ve been measuring and taking borrowers questions and have failed to write down a measurement, requiring me to make a second trip to the home, on occasion.
6.) Yes, you will have your undivided time with the home appraiser to present them with your list of updates/renovations and tell them whatever you’d like about your home. Appraiser will want to know the age built. As an appraiser, I also want to help answer your questions about the appraisal or appraisal process to the extent that I’m allowed to answer by the client. There are some aspects of the appraisal the appraiser can’t discuss with you, but rather with their client.
7.) Your Appraisal was ordered through a 3rd Party and appraiser is not working directly for your lender. The appraiser doesn’t know the name of your loan officer your’e working with and isn’t going to deliver their report to them. Appraiser is going to deliver their report to their client who engaged them, normally the AMC or Appraisal Management Company, a middle-man so to speak. This is why the appraisal that used to cost $300 to $350 now cost $500 to $600, because that middle-man has to be paid as well.
7.) NO, the appraiser isn’t going to know or give you a value for your home before they leave the home appraisal inspection.
8.) Obtain Your Copy Of The Appraisal From Your Lender. Since appraiser was engaged by their client and not you the homeowner/borrower, appraiser delivers their report to their client, who reviews and then forwards that report to the lender. Your copy of the appraisal will be delivered to you via the lender.
If you have any questions about the Home Appraisal Inspection process, please contact me. Accurate Valuations Group Appraiser, Bill Cobb, in Greater Baton Rouge Louisiana, 225-293-1500 or [email protected].
Michael S. Bolton’s entire article link is here for your reading. Enjoy!