Top 7 Tips to Get the Most Out of Your Home Appraisal

Home sellers and homeowners refinancing their mortgages often have to endure a one-time test: a home appraisal. If you are selling, you want the highest possible appraised value to make sure the sale goes through. If you are refinancing, you are probably charging capital. Either way, every dollar of appraised value is potentially a dollar in your pocket.

It’s never a good idea to try to fool the appraiser (most of them have seen all the tricks in the book), but there are simple things you can do to get extra or equity in your home.

1. Make the venue presentable.

You don’t have to be able to eat off the floor, the house doesn’t even have to be as spotless as it would be in an open house. But impressions matter. Clothes hanging, dirty dishes, full bins – all can contribute to the wrong impression.

2. Repair or replace broken windows, railings, steps, and other hazards.

Your chances of being able to avoid this, even if the buyer doesn’t care, are slim or nil now that the mortgage lender wants an appraisal. (And zero if your buyer is going through the FHA.) So take care of it beforehand. What about an appliance that stays in the house, if it is selling? Those have to work too.

3. Have your real estate agent present during the inspection.

Generally, you can’t fool an appraiser, and neither can your agent. But your agent is better able to think quickly at times like these, and is more likely to address annoying appraiser concerns than you are. Sellers, your agent works for you, put him to work during the appraisal.

4. Do you love what you have done with the place?

Hardwood floors four years ago? Bathroom remodeled two and a half years ago? Lawn re-soaked last summer? Bring them to the appraiser’s attention. Don’t expect your appraised value to go up by the amount you invested, but feel free to point out what you’ve done.

5. Control your pets and children.

The less stressful the appraiser’s inspection, the better for both of you. An appraiser worried about being attacked or constantly distracted is not as likely to get the highest value.

6. Control the urge to do the appraiser’s job for him.

You will often hear that you should suggest recently sold homes in the area that the appraiser can compare yours to. In truth, the appraiser sees it as his job, and is more likely to resent it than to appreciate it. And you may be right. You and your agent are interested in getting the most value possible. The appraiser knows this and can actually discount a similar sale that comes to mind.

That said, the information and suggestions offered will often be kindly received. Don’t overdo it. Understand where the appraiser is coming from – He understands where you are coming from.

7. Cooperate.

Many people do not like a stranger wandering around their house measuring it. But it’s for your own good. And a friendly and cooperative owner makes a much more favorable impression than a contentious one.

When it comes time to order your appraisal, it is normal to feel a little worried or intimidated. However, if you have done your homework regarding the value of your home, you should rest assured. Follow these simple tips, and when the appraisal is done, you are sure to be happy!