Things to Consider Before Scheduling Your Appraisal - Meridian Home Mortgage

Things to Consider Before Scheduling Your Appraisal

//Things to Consider Before Scheduling Your Appraisal
Things to Consider Before Scheduling Your Appraisal 2017-10-31T10:42:25+00:00

Things to Consider Before Scheduling Your Appraisal

Things to Consider Before Scheduling Your Appraisal

Along with your income and credit, your appraised value is a major determining factor in the loan approval process. Appraisers base their final report on program-specific appraisal guidelines.

Below are some tips to consider before scheduling the Meridian-provided appraisal of your home:

  1. Schedule the inspection for the soonest possible date.

    Do not procrastinate. Scheduling an immediate inspection date will help to ensure a quicker closing. Any delay in the process can result in credit expiration, rate-lock expiration, and the need for you to provide additional documentation.
  2. Make sure someone is there to let the appraiser in.

    Most appraisals require interior pictures. The homeowner does not have to be there personally, but someone needs to be there to let the appraiser in.
  3. Do not be alarmed that the appraiser only comes into your home to take pictures.

    Most of the appraiser’s work is done in an office. To assess the value of your home, appraisers research county tax and assessment records, as well as close home sales that are comparable to yours. Most visits by an appraiser last around 20 minutes.
  4. Try to tidy up your home to put your best foot forward.

    While the value of your home is not affected by your housekeeping skills, it is a good indicator of your ability to take care of your home.
  5. Avoid the need for a final inspection.

    A final inspection is needed when the appraiser needs to come back out to verify something. A final inspection fee can range from $150 to $225 dollars.

To avoid this, ensure that crawl spaces and attics are accessible to the appraiser. Before your inspection date, you must also make sure that: all utilities and heating systems are operational, that GFCI (Ground Fault Circuit Interrupter) outlets are installed in every bathroom and kitchen, and all remodeling projects are completed.

Also, ensure that minor repairs are addressed. Many government loan appraisals (FHA and VA, for instance) have strict guidelines. The appraiser could require you to fix all minor repairs before signing off a value on your home.

Minor repairs include:

  • Cracks in drywall
  • Standing water
  • Water or structural damage
  • Missing shingles
  • Loose or missing handrails on steps
  • Cracked and peeling paint
  • And more!

When in doubt, ask the appraisal company about any concerns that you might have when you are scheduling the inspection date.

Meridian Home Mortgage has expert Loan Officers that can help answer any questions that you might have regarding the appraisal process.