Appraiser Help

Unlike a real estate agent, an appraiser has no vested in what amount the house sells for. Seeking a professional appraisal can often help homeowners make the best decisions on investing in their homes and setting a fair sales price. An appraisal is not the same as a home inspection. A home inspector determines the condition of the home and its major components and reports those findings.

During an appraisal, the appraiser will tour the inside/outside of your home and measure it. An appraiser must actually see features, such as the number of bedrooms, bathrooms, locations, etc. - likely taking photos along the way.
The appraisal is legally owned by the lender, unless the lender "releases its interest" in the document. However, consumers must be given a copy of the appraisal report, upon written request, under the Equal Credit Opportunity Act.

The cost of an appraisal will be determined by the property being appraised, the local real estate market, and the scope of work. The most common type of appraisal is the residential form report required by lenders and in most areas runs $300-$400. In 2007, Angie's List members nationwide reported spending on average $360 in the real estate appraisal category.

A common complaint we've seen with real estate appraisals is the turnaround time with the report after the appraisal is done. The time frame may depend on how much work there is and how many appraisers serve your area so ask your appraisal on what you should expect. Also, be sure to protect yourself - go through a reputable bank or other lending institution that use only licensed appraisers as well.

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.