The Appraisal


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Once you’re property is under a sales contract, and after all verifications have been checked out on behalf of the buyer, the lender will then order an appraisal to ensure that the property is worth what the buyer is willing to give.

  • YOUR PROPERTY MUST APPRAISE AT SALES PRICE IN ORDER FOR LOAN WORK TO CONTINUE TO CLOSING.

Do you know of any repairs that need to be taken care of prior to going on market? The following is an overview of items the appraiser looks for.

Exterior

  • Type and condition of roof

  • Condition of trim, soffit, and fascia

  • Type of exterior siding and condition

  • Type of windows and storm windows

  • Are there porches? condition

  • Are there garages? type and condition

  • Landscaping, driveways, walks

  • Condition of surrounding properties/general price range

  • What public utilities serve the property

  • Measurement of exterior, type of house, how many stories

Interior

  • Notes on number of rooms, type of floors, walls, ceilings, and condition

  • Square footage

  • Wall outlets in each room

  • Baths – run the sink faucet and flush the toilet – check for water pressure, type of floor in bath and walls around the tub/shower

  • Handrails on stairwells

  • Condition of kitchen, type of cabinets, appliances, if any

  • Number of bedrooms, closets in bedrooms, condition

  • Is there an attic, is it floored, is it insulated?

  • Type of insulation in the house – walls and roof

  • Attic: is there evidence on the ceiling of water leakage from the roof?



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