How best to prepare for an Appraisal

[RE123RE]

Hi,
Any tips how to prepare for a successful appraisal?
A few I can think of are:
- Prepare a good income and expense statement including a list of property improvements/renovations to provide the appraiser.
- Clean around the building and entrances.

Any other suggestion?
Thanks

 

[Alvaro Sanchez]

If there is not much activity of sold properties try to get a few comparable properties similar to yours. Depending on who hired the appraisal they trend to line up outcome with the client. Also, I would contact a mortgage broker to get some names.

 

[RE123RE]

Depending on who hired the appraisal they trend to line up outcome with the client.

Hi,
Interesting. Do you think when a bank orders an appraisal - the banker can provide an estimate for the appraiser to confirm,
or to try to be in that range if possible?
Thanks

 

[kfort]

Banks seem to like the "what can we get if it needs to be liquidated in 60 days or less" approach. Which in some markets may skew things noticeably.

 

[Alvaro Sanchez]

When bank orders an appraisal, the price usually comes on the safe side (LOW) and you don't get a copy only the invoice to pay for it. Sometime brokers might have some flexibility as who gets the "call" but for most part, they don't.
Having said this, I don't think bank provides estimates to them to be confirmed.

 

[RE123RE]

Banks seem to like the "what can we get if it needs to be liquidated in 60 days or less" approach.

Hi,
An average bank or bankers you worked with?
Hope the first as my experience has been the opposite with the last.
Thanks

 

[RE123RE]

I don't think bank provides estimates to them

Hi
They actually do.
Sorry you did not know that.
Thanks

 

[Tibo]

It's nice to get a Fire retrofit compliance so you can be sell or take equity out ready. Here in Ontario the banks want that piece of paper and purchasers fell better that it was Fire inspected.