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<p style=”text-align: center;”><img title=”Art of the Appraisal” alt=”Home appraisal process” src=”http://www.phoenixrealestateguy.com/wp-content/uploads/2015/08/DeanOuellette-ArtOfAppraisal-1.jpg” width=”100%” border=”0″ /><br /> Brought to you by: <a href=”http://PhoenixRealEstateGuy.com”>Phoenix Real Estate Guy</a></p>
I shot this video at a house in Carino Estates that recently went under contract. One of the first steps when a house goes under contract is the appraisal process. Here is what you need to know.
Phoenix Home Appraisal Process
An appraisal is a written estimate of the homes value. While the banks use this number, remember it is only an estimate. If I were to take two appraiser to look at this same Carino Estates home, it is likely that they would come up with two different numbers. As crazy as it sounds, I have seen two appraisals on the same house in the same week come in as much as 20% off from each other.
So what are they looking for when they do your Phoenix home appraisal?
They are looking at things such as condition of the house, how well it has been maintained, the size of the house along with the number of bedrooms, bathrooms, and garage spaces. What upgrades does the house have since it was first built, what materials are used in the house and what condition is the yard in.
What to expect on appraisal day?
So what should you expect on appraisal day? The appraiser will likely be there for 20-30 minutes. They will take a measurement of the outside of the house for square footage verification and they will take pictures, lots and lots of pictures.
How to prepare for your appraisal
If you are already working with us and have been through our listing process, then you likely have already had a professional stager come in and a professional house cleaning. As long as you have not done much, your house should be mostly ready to go. The one thing you will want to do is make sure the house is ready for show. All the lights are on and any repairs or upgrades that you have done, have a copy of the receipts ready to go for the appraiser.
If you have not had your house professionally cleaned and given staging advice, there may be some basics you will want to take care of. First, declutter, second declutter some more, and third, when you are done with that, declutter more. Just like showing the house, you want to get as much out as possible. Think, like a model home.
Any major work you have done to the house, hopefully you kept receipts. If you have, leave a copy of them for the appraiser.
If you have any questions make sure you contact us and we will help you out.
The Phoenix Real Estate Guy was started by Jay Thompson, and I have a little blogging problem... he liked to say...
You are sharing very useful points. Thanks for posting
Appraisals can be a hard process sometimes. I mean who wants an unknown to come into your house and tell you how much its really worth? Just make sure you have all needed improvements done, so you get as much out of your house as possible.
How do you “handle” the appraiser. A friend’s agent planned to be at the house during the appraisal inspection but the appraiser showed up an hour early. My friend and her agent kinda freaked out. The appraiser didn’t want to wait, of course, and things went downhill. The appraiser got annoyed by the drama and said it was unethical to try and influence an appraiser or something along those lines. He did the appraisal inspection before the listing agent showed up. The appraisal came in $10K low. The seller lowered the price $10K.
I never try to meet the appraiser in person but I leave a folder with information about the house for the appraiser – history of upgrades, unique features, if there were multiple offers, maybe the sales contract, the comps we used when we priced it, and if a recent low comp was a distressed sale, like a divorce, mention that. To a large degree you’re just trying to show the appraiser that you didn’t just pull the list price out of your hat.
Appraisers tend to be numbers people not people people. Give them what they want, facts and numbers, that make their job easier.
Great infographic and article. It’s nice to get some information on appraisals and another opinion.