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ARE YOU IN THE PROCESS OF SELLING YOUR HOME?

If so, then your realtor has probably told you the buyer’s lender will order an appraisal of your home to secure financing.  We’d all rather NOT have a stranger poking around our home.  But if you want your buyer to PAY YOU, then that buyer will probably need financing.  So the lender will require an appraisal to determine your home’s fair market value and determine how much of the purchase price the lender will actually finance. Since there’s no getting around it, let’s make the best of it!

HOW TO PREPARE FOR AN APPRAISAL!

Did you know a homeowner can actually do some things to boost the home’s value?  Yes, a homeowner can and should PREPARE FOR THE APPRAISAL, just like he prepares for the sale of the home.   The appraiser can just show up and appraise your residence ‘as is’.  But with the current economy being so low, a wise homeowner will do everything possible to show off their home’s good points in hopes of retaining as much value as possible.  

SET YOUR APPRAISER UP TO APPRECIATE YOUR HOME!

As a Certified General appraiser, I appraise both residential and commercial properties.  You don’t have to live in Tennessee.  My tips will work any place in the country, for any value home, for any size, any age and for any type of construction or design.   I use articles and also videos to get my point across because I know you get bored just reading.  Plus I want you to get to know me since we’re talking about your valuable asset – your home!  So hang around my site and watch some videos, maybe read a few articles but absolutely ‘Favorite’ my site so you can find it again.   It is still under construction but I add videos and articles every week.

WHAT ARE YOUR APPRAISAL QUESTIONS?

I know you have questions about your appraisal.  EVERY HOMEOWNER does so ASK ME!   If you don’t find your answer here, then just use the ‘Contact Me’ button at the top of the page. I usually respond within 24 hours.

MY FREE GIFT  WILL PUT YOU ‘IN THE KNOW’ ABOUT APPRAISALS!

Just put your first name and primary email address in the box at the right so I’ll know where to send your report.   Your free report, ‘Top 10 Appraisal Questions Deciphered’ will be on it’s way shortly.  

Before you go, check out my other videos down below.

Sherie Smith, Certified General Real Estate Appraiser & Consultant

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I would say to plan on the inspection taking - on average - around an hour, with the main variable being the size of your home and how many questions you have for the appraiser.

Your appraiser will measure the exterior of your home and take exterior photos.  He will also take a look inside, make notes of the interior finish of every room, take notes on any upgrades or special features and also take interior photos.  He will look at your heating and cooling systems, your water heater and other appliances or systems.  He’ll also check your fuse box and make notes on your electric service.

Your appraiser will also inspect the attic, the carport or garage and the crawl space or basement.  He will also inspect any permanent out-buildings (detached) such as additional garages, pool house, barn, office, etc.

The appraiser will also sketch the interior layout or floor plan, and he will sketch the exterior of the home when he takes the perimeter measurements.  While working on the exterior, the appraiser will pay particular attention the topography and whether rain is adequately diverted away from the home.

A good appraiser will also take time to talk with the homeowner at the time of inspection.  The seasoned appraiser will give the homeowner time to share with the appraiser anything the homeowner thinks is important about the home.  Perhaps the homeowner has recently replaced all of the appliances or installed a new air-conditioning system.  Perhaps they recently upgraded from carpet to hardwoods.   The homeowner can provide valuable information for the appraiser and, at the same  time, the homeowner will feel more confident  in the appraiser if they have adequate time to speak with the appraiser and have their questions answered.

Now do you see why I said there is no way an appraisal can be done adequately in ‘just a few minutes’?  If you allot around an hour, give or take, you should be just fine.  After all, you want the appraiser to take all the time he needs to complete the inspection correctly the first time.  The more impressed he is with your home’s assets,  upgrades, finishes and overall condition, the higher your home value.

Sherie Smith

Certified General Real Estate Appraiser and Consultant, Copyright 2010

By Sherie Smith, Certified General Appraiser/Consultant, Copyright 2010

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You’d take appropriate steps to educate yourself as to whether this new stock might be a sound investment for you and retain value. You might write, phone or email investment specialists that are known for their professional stock knowledge. By doing so, you’d have a better handle on whether this new stock might be a good choice to put your money into.

Some buyers feel they are smart enough to determine the value of their new home themselves. If the home has will be lender financed by a traditional financial institution, the bank itself will require an appraisal. But if you are lucky enough to be able to purchase without a loan, it would be unwise to do so without an appraisal by a certified appraiser.

An appraiser is a trained professional, certified by the state after the appropriate years of experience, the type of properties analyzed, the amount of classroom instruction and, last but not least, actual proof the appraiser is qualified to perform such work by passing approved state and national exams.

Buying a home is a serious decision. You don’t know much about the house except probably general things like when it was built, what type of construction was used, how many bedrooms and bathrooms, garages and possibly the square footage. But you don’t have the expertise, the experience, the training to conduct the appropriate analysis, make suitable adjustments, come to highest and best use conclusions, investigate future zoning trends, etc. All of these are necessary when placing a market value on a home.

It’s just like taking a used car to your trusted mechanic before you purchase. An appraiser knows what to look for, where to find the data and how to analyze is to arrive at the fair market value.

Make the smart decision and phone an appraiser. That way you’ll be assured you aren’t overypaying for your new home. After all, if a lender believes having an appraisal step will protect THEIR investment, why shouldn’t you? Knowing the true value of your the property will help assure you make the RIGHT financial decision.

Sherie Smith, Certified General Real Estate Appraiser and Consultant, Copyright 2010

http://homeappraisalvaluetips.com

Don’t overdo it – gaudy is not attractive! Choose your landscaping colors carefully so they compliment the home’s exterior.

Select containers that have something in common for the most pleasing affect on the eye and the mind They can all be shades of the same color or even all the exact same shade. \

They can all be the same style or type of pot, in other words, all concrete or all terra cota. You can have different types of planters but use all the same color family of blooms.

Start small and then add gradually until you feel you have a pleasing amount. Do not over do it. If you have too many potted plants and they’re sprawling everywhere, you will achieve exactly the opposite of what you are hoping. Your guests will feel scattered and stressed, not at all peaceful and welcome.

Sherie Smith, Certified General Real Estate Appraiser and Consultant

http://homeappraisalvalueltips.com

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By Sherie Smith, Certified General Appraiser/Consultant, Copyright 2010

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By now you know me as a real estate appraiser, but since I have to say something about me on this page, I’ll share some ‘trivia’ with you.  I come from a long line of real estate people.  Five generations of my family have made their living in real estate; beginning before the ‘Great Depression’ with my great-grandfather, the Investor.

Then one of my grandfathers, the Broker, built the largest sales office in our part of Florida from the 1940′s to the late 1970′s. Then my father started out in Construction, building homes and later commercial properties around Florida. After that, he became a Realtor, then a Broker and finally an Appraiser. His last career was the most successful and lasted over 25 years, until he retired in his mid-70′s. My dad started each work day at 6am and he thrived on being the Appraiser.

For myself, I started out in property management by leasing apartments, then moved into management and leasing of luxury condominiums on Longboat Key, Florida. After relocating to Tennessee for my husband’s career path, I followed in my dad’s footsteps to become an Appraiser, albeit three states away. Now I appraise residential and commercial properties in Middle Tennessee. Our older daughter remained in Florida and is building her own real estate company, with a specialty in golf-course and waterfront homes.

Now with all these ‘real estate genes’ coursing through my blood, you’d think I could easily guide you in picking the right realtor for you. But I know how to turn over the baton when it’s appropriate. I read an article awhile back by Noel Peebles that explains the process far better than I could have expressed it. Noel has developed seven questions to ask when selecting an agent. It’s easy to read, easy to understand and – most importantly – the questions are easy to ask! So I have decided to share them with you, word for word. I believe Noel has outlined everything you should consider in making this important decision. Here’s are Noel’s own words:

7 Questions To Ask When Selecting A Realtor, by Noel Peebles

These 7 questions will help you decide who the real estate agent is really working for. Visit any open home and test these questions out on a real estate agent. Good or bad, the answers will reveal something about that real estate agent and his or her ability and true loyalties. If the real estate agent betrays the home seller, they will betray you as well. If they defend the home seller, it’s likely they will defend you too. Ask the real estate agent these 7 home buying questions:

Test A Real Estate Agent By Asking:
1. How much do you think the home will sell for?
You may discover that the real estate agent has an opinion less than the asking price.

Test A Real Estate Agent By Asking:
2. How much will the homeowner take?
You may learn the bottom price that the homeowner will accept.

Test A Real Estate Agent By Asking:
3. Why is the homeowner selling?
A real estate agent may reveal a confidential reason for selling.

Test A Real Estate Agent By Asking:
4. When does the homeowner need to move out?
A real estate agent may reveal an urgent deadline. This could be an advantage in negotiating a lower price for the property.

Test A Real Estate Agent By Asking:
5. How long has the property been for sale?
A real estate agent may reveal if, or why, the property has been difficult to sell.

Test A Real Estate Agent By Asking:
6. Who priced the property?
A real estate agent may be quick to deny any involvement and in some cases may blame the homeowner for being greedy.

Test A Real Estate Agent By Asking:
7. What other homes are there in competition to this property?
This is particularly useful information, so long as the real estate agent gives you an honest answer. Ask the real estate agent to show you some of these competing properties.

These questions are simple and not hard to ask. However, failing to ask these types of questions can put a buyer (or seller) at the mercy of a disloyal, dishonest, or incompetent real estate agent. Buying or selling a home is a big investment for most people; so it is well worth the effort to select a real estate agent you can trust and have confidence in.

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It’s actually to the homeowner’s advantage! You’ll have a much better chance for a higher appraisal if the inspection is done during normal daytime hours.

Appraisers inspect during the daytime because the photographs turn out better. The lender wants the best possible photos to get a good feel for the style and condition of the home.   There are usually fewer people at home during the daytime.   There are fewer little ones getting in the way and getting stepped on.  The family pets are usually put away so they don’t get lose or stepped on.    All of that means the appraiser can complete the home inspection quicker and with better concentration without unnecessary interruptions and distractions.

The appraiser must also check out the neighborhood, the style of homes, the age and condition of the homes, the value range of the neighborhood homes, overall amenties for the area such as community pool, playground, creeks, lake or mountain views, etc.  The appraiser also checks out the sale comparables which will be compared to your property.  It is much easier to see the pros and cons of these areas during the daytime.

Last of all, let’s not forget that the appraiser is inspecting your home, normally the most valuable asset couples  have. Why wouldn’t you want to do everything possible to make it easier for the appraiser to give you a high appraised home value?

Sherie Smith
Certified General Real Estate Appraiser and Consultant

http://homeappraisalvaluetips.com

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By Sherie Smith, Certified General Appraiser/Consultant, Copyright 2010

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1. if you are reasonable your appraiser will likely be reasonable too,
2. there’s not a lot you can do in a week’s time, and
3. try to distract the appraiser from anything you are worried about.

What a diverse and disappointing reaction to that question!

The best way to add EXTRA VALUE within a short time is to finish out an existing space to increase your FINISHED LIVING AREA. That project will take a little cash and a few days of work, but it IS POSSIBLE. That’s probably your best shot at adding extra value to your home.

But getting the highest appraisal is based on more than just ‘adding’ value. If your home is not in the best possible condition, you will ‘loose’ potential value. So by giving your home a good week’s worth of going over, you can do a great deal to assure it is in tip-top shape when your appraiser knocks on the door.

Grab a trash bag and start throwing out junk. Typically the less cluttered and ‘knick-knacky’ your house looks, the more cared for and impressive it will appear, whether it be to a potential buyer or your appraiser. After you’ve gotten agressive with the trash bags, move on to other areas are highly visible.

Go over your home with fine tooth comb. Write down things you notice and use a critical eye! Ask a trusted friend to come over to ‘inspect’ your home with you. Your friend will have fresh eyes to notice things you could miss simply because of familiarity. Fix anything you see that needs attention, including even simple things like loose door handles. Small things like this are indicators to the appraiser that the home is not being cared for properly enough to retain it’s potential worth.

Now roll your sleeves up and get serious. Giving your kitchen cabinet and bathroom vanity doors a good scrubbing to remove built-up grim and grease, then wiping with a soft cloth and good furniture finishing oil will make them look nearly new and possibly even of better quality. While we’re talking about cabinets, make sure all hinges and knobs are tightly attached.

Now get on your knees, not to pray, although that is certainly a good idea. Give your wood floors and baseboards some serious TLC. Just like your wood cabinets, cleaning built-up grim and a good wipe with your finishing oil will make them look like new. Do the same if you have crown molding.

Unpleasant smells can also lower your appraised value as the appraiser is smart enough to know your carpet needs attention. Again, ask that friend to tell you if your home has unpleasant odors. Renting a carpet shampooer from your local store will work wonders. Be sure to purchase appropriate carpet products to remove pet odors and other unpleasant smells. For an extra few dollars, it will make a big difference.

Finally, tackle your yard and home exterior. Get a trash bag and throw out every bit of junk! If necessary, pay someone to haul off heavy objects like an car transmission or old tires. It will be money well spent. Clean your yard, wash down your porches and railings. Do a quick pressure-wash of your roof, if it looks bad. Now, just trim your shrubs back, mow your grass and set out a few colorful potted plants near your front door. Making a good first impression is always important. After all, you want the appraiser to feel YOUR home is in better condition than the sale comparables he’ll use for comparison. If he’s impressed enough with your home, he may give you additional value for being in better condition than the sale comps.

If you’re short on time, don’t be shy about asking a few friends to pitch and make the magic happen over a weekend. Reward them with a cookout later or promise to return the favor sometime for them.

Sherie Smith
Certified General Real Estate Appraiser and Consultant, Copyright 2010

http://homeappraisalvaluetips.com

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