You own a home. The value has increased. Now you want to refinance to pay off debt, pay for your kids school or buy a boat, or just supplement your monthly income. The lender has decided that an appraisal is necessary to determine how much equity you have in your home. The appraisal company then calls to either request payment for the appraisal, set up an appraisal site visit, or both.
Here is a snippet from some marketing material that we send to homeowners anytime an appraisal is to be completed:
We have been requested to complete an appraisal on your property. The inspection should last anywhere from 15 to 45 minutes, depending on the property. With that, please be advised that the appraiser will require a 1-hour window for the appraisal.
To ensure a smooth inspection, please…
| Have all rooms accessible for the appraiser, including suites, garages, and outbuildings. |
| Be aware of where your electrical panel and mechanical room are and have the areas accessible. |
| Provide a tidy and bright setting as the appraiser will be taking up to 5 exterior photos and 20 interior photos. While a thorough cleaning is not necessary, a quick tidy-up and having the blinds open and the lights on throughout the home will allow the appraiser to easily walk through the home and take good quality photos. |
| Have any aggressive pets contained in the rear yard or the garage while the appraiser conducts the inspection. |
Be prepared to provide the following….
| If renovations or updates were recently completed or are underway, provide a list of items completed, dates, and costs (if known). |
| If the home is a newer property, have the building or floor plans available for the appraiser to review. |
| If the property is a stratified unit (ie. condo, townhouse), the appraiser will require the strata fees, number of parking stalls, and number of storage lockers. |
In a financing context, most appraisals are requested by the lender or the mortgage broker. As a result, we are obligated to send the completed report directly to them. If you, the property owner, have any questions regarding the report, please kindly contact your mortgage team to discuss.
I hope that sheds some light on what to expect when you are getting a home appraisal completed.
If you have any questions, please do not hesitate to text, call or email. Happy to help!
Sincerely,
Adam Lawrenson, Owner Adlaw Appraisals
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