home appraisal when refinancing

airplane

DIS Veteran
Joined
Mar 31, 2004
Hello,
I have an appraiser coming to my house b/c I am in the process of refinancing. Do they actually walk through and inspect the whole house? Do updates to the house actually add value? Do I have to clean extra good? I always thought they just looked at the neighborhood comps...
TIA and wish me luck!
 

golfgal

DIS Cast Member<br><font color=green>When did vacu
Joined
Nov 27, 2004
Yes they walk through the house, it depends on what the updates are if they add "value" or not, I wouldn't worry too much about "cleaning", just regular clean is ok, don't have a lot of junk out, etc. They do look at comps but they don't know what is comparable until they look at your house.
 
  • tlbwriter

    Does this look infected?
    Joined
    Apr 25, 2005
    They measure the rooms and look at the general condition of the house (our reported, for example, stated that our house was in "average repair" compared to the comps.)
     

    holycow

    I Am the Rebel Spy
    Joined
    Nov 14, 2000
    When I read this I just had to laugh. A few years ago we were having the home appraised and I did a mad through cleaning anticipating the appraiser.

    They never showed! They just looked at the outside of the house!!! I did all that work for nothing! lol
     

    burnsoc

    Do you have your exit buddy?
    Joined
    Feb 18, 2002
    Just had one done the other day. He knew what upgrades we had made to the house after his walkthrough. He took some pictures, measured and checked the gneral condition of the house. Took about thirty minutes total.
     

    lovesmurfs

    DIS Veteran
    Joined
    Jun 24, 2006
    When I read this I just had to laugh. A few years ago we were having the home appraised and I did a mad through cleaning anticipating the appraiser.

    They never showed! They just looked at the outside of the house!!! I did all that work for nothing! lol
    This was our experience exactly (down to the cleaning!). :lmao: They basically did a driveby to make sure that the house looked like the site plan.

    Still, it was nice to have the house picked up for a little while! :)
     
  • tlbwriter

    Does this look infected?
    Joined
    Apr 25, 2005
    When I read this I just had to laugh. A few years ago we were having the home appraised and I did a mad through cleaning anticipating the appraiser.

    They never showed! They just looked at the outside of the house!!! I did all that work for nothing! lol
    And when we were arranging refinancing, I told DH "No, they won't need to look inside the house. They just do a drive-by." I was wrong! Luckily they told us he'd be coming inside so we were prepared. It probably would have appraised for quite a bit less otherwise! :rotfl:
     

    CoP Luv

    DIS Veteran
    Joined
    Jul 25, 2008
    They didn't measure any of our rooms, but he did take pictures of a few things inside and outside. I did straigten up a little bit and put a few lights on...nothing too major!

    I guess it worked because our home is valued the same as it was last year when we bought it! :worship:
     

    mtemm

    <font color=teal>Doubly blessed<br><font color=dar
    Joined
    Sep 20, 1999
    we just had this done. I did clean extra well because, well, I usually do when anyone is coming over. figured even if it doesn't matter, well, i have an extra clean house and that's never a bad thing! lol. they did walk thru the whole house and note upgrades and they measured the outside and such.

    good luck!
     

    Pakey

    DIS Veteran
    Joined
    Aug 29, 2007
    Appraisers are more interested in structural than cosmetic. Upgrades that add value are things that add square footage, an extra bathroom, an inground pool, roofs. Not cabinets, flooring, countertops, etc.

    If county/city records have the information on square footage, they sometimes will not come inside and just do a drive by and inspect the outside.
     
  • golfgal

    DIS Cast Member<br><font color=green>When did vacu
    Joined
    Nov 27, 2004
    Appraisers are more interested in structural than cosmetic. Upgrades that add value are things that add square footage, an extra bathroom, an inground pool, roofs. Not cabinets, flooring, countertops, etc.

    If county/city records have the information on square footage, they sometimes will not come inside and just do a drive by and inspect the outside.
    I disagree-an updated kitchen or bathroom will add value if you have moved to an upgraded material-if you go from laminate counter top to laminate countertop, not so much but if you go from laminate to granite, you have improved the value of your home. We need new carpet and if we replace with a like carpet, that will add appeal but not so much "value". If we go from carpet to hardwood, that will add value.
     

    MaryAnnDVC

    "Mare", DISing since '99; prefers being tagless
    Joined
    Feb 9, 2001
    Just had one done yesterday. He walked through the house and took pictures of certain rooms and outside. New Pella windows throughout and a new kitchen were important; he also asked when the outside of the house was last painted (last year).

    Didn't measure rooms. Not sure he measured anything outside.

    Years ago when we had an appraisal, they didn't come into the house at all. :confused3
     

    Pakey

    DIS Veteran
    Joined
    Aug 29, 2007
    I disagree-an updated kitchen or bathroom will add value if you have moved to an upgraded material-if you go from laminate counter top to laminate countertop, not so much but if you go from laminate to granite, you have improved the value of your home. We need new carpet and if we replace with a like carpet, that will add appeal but not so much "value". If we go from carpet to hardwood, that will add value.
    I'm looking at my appraisal form right now and I got no "plus" value for our granite countertops. I did get "plus" value for a tile roof but not for tile floors (we have no carpet).
     

    tlbwriter

    Does this look infected?
    Joined
    Apr 25, 2005
    I'm looking at my appraisal form right now and I got no "plus" value for our granite countertops. I did get "plus" value for a tile roof but not for tile floors (we have no carpet).
    If "plus" means "compared to comps," you won't get it if the comps also have it. If everyone has granite countertops, you don't get a "plus" for having them.
     

    mtemm

    <font color=teal>Doubly blessed<br><font color=dar
    Joined
    Sep 20, 1999
    we definitely got an upgrade on our kitchen.
     

    EeyoreEma

    DIS Veteran
    Joined
    Sep 15, 2009
    It all depends on what the company doing the refinancing requires. We had this done several weeks ago, and the appraiser actually walked through, measured everything and did the pictures. Of course, he hadn't listened when the bank guy told him just to do pictures. Thankfully, since that was a "mistake" on the appraiser's part we were only charged for the work he should have done (just pictures). All I can say is I'm glad the hassle of the whole refinancing thing is done with!
     

    Jestocost

    DIS Veteran
    Joined
    Dec 3, 2003
    It all depends on what the company doing the refinancing requires. We had this done several weeks ago, and the appraiser actually walked through, measured everything and did the pictures. Of course, he hadn't listened when the bank guy told him just to do pictures. Thankfully, since that was a "mistake" on the appraiser's part we were only charged for the work he should have done (just pictures). All I can say is I'm glad the hassle of the whole refinancing thing is done with!
    Actually, appraisal requirements that lenders are subject to have changed substantially in just the past year or two and a full appraisal now must include an interior walk through and photos. A full appraisal may not be required in every circumstance, but if one is required be prepared.
     

    golfgal

    DIS Cast Member<br><font color=green>When did vacu
    Joined
    Nov 27, 2004
    I'm looking at my appraisal form right now and I got no "plus" value for our granite countertops. I did get "plus" value for a tile roof but not for tile floors (we have no carpet).
    If they are expected in your area they won't be a "plus" but if they were expected in your area and you didn't have them you certainly would get dinged for not having them. Also, did you ADD them since you bought the house?
     

    blanq

    DIS Veteran
    Joined
    Jul 12, 2000
    Appraisers are more interested in structural than cosmetic. Upgrades that add value are things that add square footage, an extra bathroom, an inground pool, roofs. Not cabinets, flooring, countertops, etc.

    If county/city records have the information on square footage, they sometimes will not come inside and just do a drive by and inspect the outside.
    We just had our 1903 home appraised for a refinance. Our report did comment on finishes, and in fact indicated that ours were superior (many built-ins, stone and tile, hardwood floors, etc.) to the comps increasing our value.

    To the OP, every appraiser we have ever dealt with has done an inspection of the exterior and interior. They took pictures of every room and measured the interior and exterior. They have asked questions about when major things were done (roof, heating/cooling systems, etc). I keep a pretty clean and organized home, but I have always made sure that my home shows as well as possible for an appraisal. Our most recent appraiser commented that our recent renovation was beautiful and in keeping with the historic age of the home. I very much believe that appraisers pay attention to the whole picture.
     


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