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  Category: Articles » Finance » Loans » Article
 

Preparing your Home for an Appraisal




By Tamara Schmitt

An appraisal of your home by a licensed Appraiser will be a requirement from any lender before a mortgage loan will be approved. If you have had an appraisal done within the last 6 months, many lenders will allow that to be used. If you have no idea how much your house is worth, you can do some preliminary snooping yourself on the internet before you request an appraisal from an appraiser.
Many websites show the houses sold in your area within the last 6 month to a year that are similar to yours. Some require a membership fee (sitex.com) but some are free (Homevalue.com).

When an appraiser comes, part of his job will be to find "Comps", or houses of comparable value that have sold in the last 6 months. This is to prove the value he places on your house. Many appraisals must include 3-4 Comps to verify value stated.

When you have set the appointment for the appraisal date, it's a good idea to do a few preliminary things before the date. A little effort could increase the value by a lot. Of course, cleaning up clutter is always the first step. Clean environments give the impression that you care for your property and are responsible for its upkeep.

Secondly, simple repair of any unsightly damages can be inexpensive and pay huge dividends. Painting, trim, soffet repair and simple landscaping, for instance, can help the value considerably. Just remember, unfinished projects can hinder and do more harm than good on the inspection day, so only attempt projects that you know you can complete.

When the appraiser comes, he will measure the home, get a general layout of the interior and take photos of the outside and sometimes even the inside. The process usually takes less that an hour. Then his real work begins. With the information gathered, he now has to research for comps, and any other variables to verify the stated value. He won't be able to give a firm value on the day of appraisal until this work is done. The total process takes about 4 days and a value is given of your property.
 
 
About the Author
Tamara Schmitt is currently a Loan Officer with 1st United Mortgage. Tamara is also the top loan officer at Get Loans Cheap,

Article Source: http://www.simplysearch4it.com/article/40709.html
 
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  Some other articles by Tamara Schmitt
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Lease Option To Buy Explained
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Should I Refinance my Mortgage
You should always weight the risk of refinancing your mortgage . Best way to do this is to ...

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There are two general categories into which mortgages fall- conforming and non- conforming. Both are viable loan programs, depending on the borrower's needs and qualifications. Conforming mortgages derive thier name ...

Main Qualifying Factors for Refinancing
There are 3 main qualifying factors used to qualify a borrower for a mortgage loan : EQUITY, INCOME and CREDIT. Everyone seems to be so concerned with the interest rate on their ...

  
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