Mike Nye's appraisal checklist

Did you know the borrower is entitled to receive a copy of the finished appraisal report from the lender? Contact us if you have any questions about the appraisal process.

To speed the appraisal process along as quickly as possible we generally recommend to have these documents, if available, ready for the appraiser:

  • A survey or plot map of the property and building (if available).

  • Records on the latest purchase of the property in the last three years.

  • Information on any written private easements, such as a shared driveway with a neighbor.

  • List of personal property to be sold with the home.

  • Title policy that lists encroachments or easements.

  • A bill for your most recent real estate taxes which should also contain a legal description of the property.

  • Home inspection reports, or other recent reports for termites, EIFS (synthetic stucco) wall systems, septic systems and wells.

  • Brag sheet that lists major home improvements and enhancements, the amount of their purchase and date of their installation (for example, the addition of central air conditioning or roof repairs) and permit confirmation (if available).

  • A copy of the current listing agreement with broker's data sheet and purchase agreement if a sale is "pending".

  • Information on "Homeowners Associations" or condominium covenants and fees.

  • A list of "suggested" improvements if the property is to be appraised "as complete".

When the appraiser has arrived, you do not need to accompany him or her along on the entire site inspection, but generally you'll want to be available to answer questions about your property and be willing to point out any home improvements.

Here are a few other recommendations:

  • Accessibility: Appraisers are very thorough in their inspections. We recommend that all areas of the home are accessible, especially the attic and crawl space.

  • Housekeeping: Appraisers see hundreds of homes a year and aren't surprised at seeing a bit of clutter, but they're human beings too! A good impact can translate into a higher value for your home.

  • Maintenance: We generally suggest repairing minor things like leaky faucets, missing door handles and trim.

  • FHA and VA Inspection Items: If your borrower is trying to apply for either an FHA or VA loan, be sure to ask your appraiser if there are additional things that should be done before they come. Some things they may recommend might be: installing handrails on all stairways, ensuring there are electrical receptacles in every room and that each receptacle functions, fixing leaky or dripping faucets, replacing broken glass.