How to Prepare for an Appraisal and Showcase Your Home at Its Best

getting ready for appraisal

By: Tara Mastroeni

Determining a price for your home can be stressful, especially if you don’t know how to prepare for an appraisal. If the home’s appraised value is too far from the listing price, it can make or break the deal. Plus, even though appraisers are subject to strict regulations, much of their job is subjective, which means it’s crucial for your home to make a good impression on them.

Luckily, there’s a lot you can do to help present your home at its best.

Develop a critical eye

The first step toward getting ready for an appraisal can be the hardest for sellers. You need to go through the home with a critical eye and make yourself aware of any areas in need of maintenance. Doing so allows you to think like an appraiser and identify any factors that might negatively affect your home’s value.

“Go through the house very carefully to make sure everything works correctly,” says Daniel Gyomory of Century 21 Town & Country in Northville, MI. “Make sure all lights are working and all doors open and close properly, and make sure there are no leaks anywhere. You need to show that the property has been well-maintained.”

While you’re at it, you should check for things like leaky sinks, running toilets, and nail pops. As you go around the home, put everything down on one list so that you can easily refer to it later.

Catch up on your home maintenance

You guessed it: One of the most critical to-do’s is to complete any outstanding home maintenance tasks.

Go ahead and do small projects like fixing squeaky doors and cleaning out the gutters on your own. However, for bigger jobs like plumbing and electrical work, your best bet is to hire a certified professional. While it might cost a bit more upfront, hiring a professional to do the work frees you of any liability and allows you to show an invoice as proof, if need be.

And remember, these should be smaller home maintenance tasks, not big renovations. While giving a room a fresh coat of paint or adding some curb appeal is probably fine, it’s not the best idea to finish your basement right before an appraisal. Unfortunately, there aren’t any guarantees on how much value projects like these will add to your home, so sometimes they aren’t worth the money you’d put in.

Put together a list of upgrades

“I work with the seller to prepare a highlight sheet, just a simple one-page document outlining all the upgrades that have been done to the home,” says Ryan Hardy, a real estate agent with Gold Coast Realty Chicago.

Highlight sheets end up being very valuable tools, because they allow the appraiser to see all the added value in your home with just one glance. Your best bet is to sit down—either with your agent or independently—and draw up a list of all the improvements that have been made to your home within the past decade. Be sure to include approximate dates, permits, and warranties for these projects, as well.

The highlight sheet shouldn’t just include aesthetic improvements like upgraded kitchens and bathrooms. Functional and structural improvements like a new roof or HVAC system should also make the list.

Note: It’s in your best interest to overlook any improvements done without proper permitting. Since appraisers often work closely with municipal officials to verify recorded information, mentioning these upgrades might bring them to light and could cause more trouble than they’re worth.

Clean like there’s no tomorrow

“Have the house clean and clutter-free,” says Kevin Lawnton, a real estate agent with Coldwell Banker Schiavone & Associates in Bordentown, NJ.

It might sound like a no-brainer, but cleaning for an appraisal is so important that it bears repeating. This is the one and only chance the appraiser will get to view your home. Since his opinion of the home can actually make or break the sale, it’s crucial to ensure it’s a good one.

Your best bet is to tackle the task in two parts: a deep clean of the home a few days before the appraisal and then a final sprucing up on the big day. When it arrives, you’ll want to make sure that everything is in its place. Make the bed, pick up any errant toys from kids and pets, and do the dishes. While these factors technically aren’t included in the appraisal, they might subconsciously influence the appraiser’s opinion of your home, which can affect its determined value.

Ask your agent to get involved

The appraised value of your home is largely determined by how it compares with similar properties that have sold in your area within the past six months. Most agents will try to assist appraisers with that research by providing them with comparables that justify the sale price.

“Usually it’s up to the seller’s agent to pull together a comp report showcasing how great the property in question is compared to the current market,” says Gina Ko of Triplemint Real Estate in New York City.

Unfortunately, just like everything else in the appraisal process, comps are subject to guidelines, as well as your appraiser’s individual opinion. Some are able to factor in transactions in progress, while others need to stick with settled properties. Each will need to search for comps with a specific radius.

That said, your real estate agent will likely be familiar with how the appraisal process is regulated in your area. Ask your agent to put a list of comps together to give to your appraiser. Whether or not the appraiser chooses to take them into account, they will come in handy if you need to ask for an appeal after the appraisal.

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Steps to Buy a House: How Long Do They Take?

buying

By: Jamie Wiebe

Homes aren’t impulse purchases. It takes time to sift through listings and make your way from one home showing to the next; then, of course, there are those agonizing hours you wait to find out if your offer on a house was accepted, whether you can secure financing, and any number of other holdups.

Just so you’re prepared to play the waiting game, here are the steps to buy a house and how long they typically take, so you aren’t sitting there holding your breath and wondering if something’s up.

How long does it take to find a real estate agent?

Answer: A couple of days to a few weeks

Your real estate agent should be your most trusted consultant during the home-buying process. Don’t skimp on the search—even if you’re in a rush.

“The home-buying process is a complicated one, and the chosen agent must be the person who can best relay each step of the process in a way that will be understandable and reassuring to the homeowner,” says Diane Henderson, a Realtor® with McEnearney Associates in Alexandria, VA.

“Find the Realtor that ‘fits’ you,” she adds. “The whole process will go a lot more smoothly.”

Not sure where to find this special person? Head to realtor.com®‘s Find a REALTOR online tool to locate Realtors in your area.

How long does it take to get approved for a mortgage?

Answer: At least two weeks

Getting approved (or pre-approved) for a mortgage is no simple process. Lenders need to examine your documentation, review your financial information, and reconcile any problems. So even if all your documents are in order and you’re a stellar candidate, expect to wait two weeks or more to find out if you got the green light.

How long does a showing take?

Answer: 30 minutes to an hour

This one is largely up to you. A showing could be as quick as five minutes if you immediately decide you don’t like the property. But if you are interested, odds are you will take your time, poking your head into every closet and turning on every faucet.

That said, odds are you will know a home is The One surprisingly soon: One study found buyers spend an average of just 17 minutes inside a property before deciding to buy it.

Still, it’s essential to buy a home with your head as well as your heart, so go ahead and take your time to thoroughly vet every corner.

How long does it take for an offer to be accepted?

Answer: Less than three days

Unlike on “Property Brothers,” where offers are always accepted in a flash, the real world takes a bit more time. You may be tapping your toes in anticipation, but sellers have some leeway when responding to an offer. They have three options, each of which needs to be mulled over: Whether to accept your offer outright, counter it, or reject it.

Expect to hear back within three days (but hopefully sooner). Foreclosures are exceptions; banks might take up to 10 days to respond.

How long does a home inspection take?

Answer: Two to three hours for the inspection, then 48 hours for the results

Buyers should attend the home inspection, but be prepared for it to take a while. Inspections typically take about two to three hours—enough time for your inspector to examine the foundation, structure, fireplace, and other common problem spots. Don’t be afraid to ask questions, even if it means taking 30 more minutes.

“This is the best time to investigate your new home,” says Jeff Knox, the owner of Knox & Associates in Dallas. “After all, you have a licensed home inspector by your side. Nothing in the house is off-limits during your home inspection.”

Once the inspection is completed, expect to see a report in two days. When you have it in hand, you can work with the sellers to determine if any changes need to be made before closing.

How long does an appraisal take?

Answer: Up to two weeks

Like a home inspection, the appraiser—the professional who estimates the home’s value on behalf of your lender—might spend a few hours examining the property (and this time, your presence isn’t necessary). After viewing the house, the appraiser will examine comparable homes in the neighborhood (“comps”) and look through the neighborhood.

Because their prepared report can be quite comprehensive, sometimes reaching a hundred pages or more, its composition can take some time. Expect your lender to receive the report within two weeks.

How long does it take to close on a home?

Answer: 50 days

Home closing times are lengthening, currently averaging 50 days. Yes, it’s a pain. No one wants to wait more than a month to take possession of their new home, but don’t rush due diligence. Your lender will have a number of requirements, including providing paperwork like tax returns, before underwriting is complete. You can expedite this process (slightly) by having necessary documents prepared in advance.

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