What does a house appraiser look for?

[binny]

To do a refi, are they looking at square footage, improvements, unfinished projects?


in other words if, say, the outside of your house needed painted would it be good to do it before an appraisal? Make sure the unfinished projects are taken care of?

Is any of that going to make a difference or are they looking for general stuff like square footage and such?
Thanks!

 

[drakethib]

To do a refi, are they looking at square footage, improvements, unfinished projects?


in other words if, say, the outside of your house needed painted would it be good to do it before an appraisal? Make sure the unfinished projects are taken care of?

Is any of that going to make a difference or are they looking for general stuff like square footage and such?
Thanks!

I would get everything as clean and tidy as possible.

I think if the place is looking well kept, the appraisal will be higher.

JMHO>

 

[muffyn]

To do a refi, are they looking at square footage, improvements, unfinished projects?


in other words if, say, the outside of your house needed painted would it be good to do it before an appraisal? Make sure the unfinished projects are taken care of?

Is any of that going to make a difference or are they looking for general stuff like square footage and such?
Thanks!

what I have found is they look for square footage , mostly, they count bathrooms, type of the outside material, how good that is, brick, cedar, or what not,. they will get pictures & info on other houses in the area to compare. If a house nearby sold for 200,000 & it had 3 bathrooms, & yours was similar & only had 2 bathrooms, they would do a deduction of say $5000 on yours to make them equal . see?? or if you had something better, like a 3 car agarage & they only had one, you would get more $$ in the comparison. you start off at a certain $$$ then they add & subtract items that you have in comparison to other houses.

we have had some rooms unfinished & it didn't matter,, but , um that ws over 10 yrs ago, now, I am not sure. but thought I'd give you our past experience. I have never seen on an appraisal sheet, that paint or somethign unfinished was deducted from yout total.

sometimes it is in your favor, others they can mess up. like they once didn't add our 3rd bath in the appraisal. heating, air, carpet things like that they also compare.. you really have to hope they can find other houses nearby that sold for big $$$$.

you wil get a copy of the appraisal, & it will have the other houses in it,, & I am sure you will say "huh"?? how could that be worth so much compared to MY home. btw try real hard NOT to pay upfront for an appraisal, they usually want you to pay for it when the guy comes. gee, they are gonna get a whole bunch from your future interest,, try to get them to put it in the closing costs.

what ticks me off is we have 16 acres & appraisers for a refi do NOT look at anything beyond 5 acres or the outbuildings,, which when, IF you would sell it adds on quite a bit.

 

[PrincessKitty1]

Appraisals are mainly based on square footage and comparables. When we re-financed our house, the appraiser did a quick walk-through (like, 60 seconds!) probably just to make sure the interior wasn't gutted or whatever.

 

[Blondy876]

We just went through this last week. Our house is a disaster. Bathrooms are in the middle of a remodel, there is no molding in the kitchen and the sliding door we just had put in is unframed. Our 2 exterior doors desperately need to be replaced, but the biggest thing is the 1 inch crack that runs the length of one wall of our foundation. When we had the house appraised 3 years ago we appraised for $140,000. We got the report from last weeks appraisal and it's $215,000. I was stunned. So my guess is that they are looking at specific things with the house/lot and not the decor or tidiness.

 

[Becky2005]

So my guess is that they are looking at specific things with the house/lot and not the decor or tidiness.

That part is true. My FIL was an appraiser & my DH actually did some of it himself. It's basically -- see the square footage, count the bathrooms/bedrooms, yes you have a kitchen (no they don't care if you have a dishwasher/etc... in it), living room, etc... They are basically looking at structural things.

I *really* don't think a coat of paint on the outside is going to make any difference to an appraiser. Those would make a difference for curb appeal for potential buyers but not to an appraiser.

Then it is correct they try to take 2 other houses that are comparable, then add/subtract values based on a 2 car garage is this but a 3 car adds $10K -- I have NO idea where the values come from per different things but it's a set figure. Subtract $5K for this; add $10K for that.

They will also take pictures of the outside of your house -- and if you are getting your house appraised don't freak out when some strange person comes along and starts taking pictures of your house (the stories I've heard about my DH and his father with people's reactions to the pictures at times. )

 

[JR6ooo4]

this is form a websie and refers to a sale not a refi but it is a good list.

General
Any major changes to the property?

Agreed upon modifications or repairs completed?

Receipts/warranties/guarantees provided by repair contractors?

Pest control clearance provided?



Roofing
Indications of roof leakage?

Gutters and downspouts secure?

Signs of roof surface, flashings, vent or chimney damage?



Exterior
Evidence of cracks, paint peeling or other visible defects?

Trip hazards, cracking in the walkways, driveway or steps?

Plants/wegetation growing on the exterior of the home?

Stairway, deck, porch and other railings secure?

Cracks or indications of retaining wall failure?

Signs of inadequate surface drainage?

Openings into the building at trim, flashings, chimneys, etc.?

Signs of soil movement in areas around perimeter of the home?



Basement
Are all accessible areas dry?

Are there any indications of current or prior water damage?

If there is a sump pump, is it operational?

Indications of foundation cracking or movement?

Musty odors or signs of mold or mildew?



Interior
Stains, cracks or damage to interior walls, ceilings or floors

Cracked or broken windows?

Windows and window latches operate properly?

Doors and door latches operate properly?

Stains or leaks at kitchen, bathroom or laundry sinks?

Interior staircases have safe, secure handrails?

Smoke alarms in hallways, on each floor, in each bedroom?



Kitchen and Bathrooms
Are all appliances functional?

Cabinets, countertops, sinks or floors damaged?

Water Pressure is ok at sinks, shower and tub spout?

Any sign of water leaks under sinks?

Are all ceramic tile florrs and wainscotting intact and well grouted?



Garage
Garage door functional?

Fire-rated doors provided at all interior entrances?

Automatic door opener reverse properly?

Fire-rated surfaces at house walls, attic and subfloor areas?

Indications of dampness or mildew?



Electrical
All light fixtures operational?

All electrical outlets functional?

All smoke detectors provided and functional?

Doorbell operational?

GFCI outlets in kitchen, bathrooms, exterior and garage?


GFCI devices functional?

Any visible dangling or exposed wiring?

Extension, lamp cord, or zip cord used as permanent wiring?



Plumbing
Adequate water flow at fixtures and drains?

Faucet or drain pipe leaks?

Adequate water pressure?

Ample hot water provided?

Clothes washer and dryer functional?

Water heater adequately strapped?

Water heater has poper pressure/temperature relief?



Heating/Cooling
System functional?

Serviced recently?

Is there adequate heat/cooling distribution to each room?

Are there large differences in temperature between different rooms?



Fireplace
Safety check on older fireplaces and chimneys?

Dampers operational?

Fire boxes need repair?

Spark arrestor and rain cap installed?

Mikeee

 

[Becky2005]

Hmmm...that list provided sounds like what a home inspector would look for which is different than an appraiser.

Some overlap but I have NEVER had an appraiser turn on my washing machine or dryer/dishwasher, etc... or even look under the sink for that matter.

I'm trying to remember if they did turn on the water or not but can't remember that.

Definitely didn't check any of the window/door latches, etc...

HOWEVER, an inspector on the other hand -- will do everything on that list since it's their job to nitpick the house to death for the potential buyers.

 

[roliepolieoliefan]

I agree that list looks more like an inspectors list, not an appraisers list.

When we sold our house last October, the appraisor was in and out in about 10 minutes.

When we refinanced about 5 years ago, the appraisor never even came in the house.

 

[Aidensmom]

Appraisals are mainly based on square footage and comparables. When we re-financed our house, the appraiser did a quick walk-through (like, 60 seconds!) probably just to make sure the interior wasn't gutted or whatever.

This is mainly what appraisers look at....homes that have recently sold within a mile from your home and what their price per square footage is. If you want to know about what it will appraise for, do some research online, find the price per square foot for your neighborhood of the most recently sold homes, and multiply that amount by your square footage. Here that is easy to do using the county Property Appraisers website, I'm not sure what would be the easiest tool where you live.

 

[Nancy]

We just had an appraisal done. The guy was here for about 10 minutes. Then we hear from the mortgage company that our apprasial went in for an audit because of the dollar amount we came in at based on the 2 houses he used for comparables. They said ours was high compared to those...so we have another independent appraiser coming back for a second look on Thursday. The first guy walked through the house, asked a few questions and that was it. This second guy called and talked to DH, asked him questions about what improvements we made since our last refi. Said he'll spend about 15 minutes max walking through the house, doesn;t care if it's super clean or not, he's looking at structure.

 

[binny]

Thank you!
I guess I wont deal with the painting until after then.

I havent refi'ed on this house and the last house was almost new so there wasnt much to do. This one is almost 40 years old and well, has a lot more to do!