{"id":2463,"date":"2022-09-09T10:00:00","date_gmt":"2022-09-09T14:00:00","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=2463"},"modified":"2024-04-25T23:18:14","modified_gmt":"2024-04-26T03:18:14","slug":"how-to-get-a-fair-home-appraisal","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/how-to-get-a-fair-home-appraisal\/","title":{"rendered":"How to Get a Fair Home Appraisal"},"content":{"rendered":"\n
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Valuing Your Home<\/figcaption><\/figure>\n\n\n\n

Your financial leverage hinges on your home\u2019s appraised value. Whether you\u2019re buying, selling, borrowing against your home equity, or refinancing, the lender may call on a licensed appraiser to determine how much credit to extend to you.<\/p>\n\n\n\n

When you\u2019re counting on a good appraisal, is there anything you can do to make sure your home gets the valuation it deserves? This Q&A will shed light on the process \u2014 and your influence.<\/p>\n\n\n\n\n\n\n\n

Where Will the Appraiser Look?<\/h2>\n\n\n\n

The appraiser will be in all the main rooms with a measuring tool. There will be note-taking and photo-snapping, lasting for perhaps a half-hour. Maybe some peering into closets. Then, the appraiser will head off to an office, to research comparable properties (\u201ccomps\u201d) that surround your home.<\/p>\n\n\n\n

In some cases, your lender might not even need an interior appraisal. For example, say you\u2019ve paid down 20% of the home\u2019s price, and you\u2019re asking the mortgage company to drop private mortgage insurance<\/a> from your monthly payments. There may be no real need for an in-depth report on your home\u2019s value. In this situation, the appraiser could simply drive or walk around the home, then focus on comparing your home to others that recently sold in your area.<\/p>\n\n\n\n

Why do you even need (and have to pay a few hundred dollars for) this appraisal? Lenders want proof that your current loan-to-value ratio is what it seems to be. Sure, you\u2019ve paid down a big chunk of your home\u2019s price. Your lender still needs to know that \u2014 in the opinion of a licensed expert \u2014 the real estate\u2019s market value has held up.<\/p>\n\n\n\n

\u261b<\/em> Health note:<\/em><\/strong> Due to heightened public health concerns, you could receive a set of questions to answer by phone or online, to help limit in-person interactions. When coming into homes, some appraisers mask up and may request that the homeowner is masked, too. It doesn\u2019t hurt to be as careful (and socially distant) as possible, and keep the fresh air flowing. To respect others\u2019 safety, reschedule the appointment if anyone in your home is sick.<\/p>\n\n\n\n

In any case, be prepared for the appraiser to peek in and check for any major signs of change in the home\u2019s market value.<\/p>\n\n\n\n

What Things Matter Most to an Appraiser?<\/h2>\n\n\n\n

The Uniform Residential Appraisal Report<\/a> focuses appraisals on objective criteria. The appraiser needs to account for:<\/p>\n\n\n\n

The home\u2019s status and condition.<\/h3>\n\n\n\n
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First, the nuts and bolts of your place.<\/p>\n\n\n\n