When a home is in good condition, it may appraise for a higher amount.
A homeowner who wants to refinance a mortgage should not let the lender schedule an appraisal until the home is in good condition. If the home does not appraise for the minimum amount that the lender requires, the homeowner may not be able to refinance the mortgage. In preparation for the appraisal, the homeowner should identify areas where the home needs repairs or other maintenance. Once the home is in good condition, the homeowner can tell the lender to schedule a day for the appraiser to perform the inspection.
Instructions
1. Make a list of what you need to do to prepare for the appraisal. Walk through each room in your house and look for things that you need to fix. Once you finish inspecting the inside of your home, walk around the exterior of the house to look for issues that you need to address. Check for things like broken bricks or paint that needs touching up. Review your complete to-do list once you finish looking over the exterior of your house.
2. Buy the materials that you need in order to prepare for the appraisal. Take your to-do list with you in case you cannot remember everything that you need to buy. Go to a home improvement store, and ask a salesperson to help you find what you need. If you are not sure exactly what product to buy, show the salesperson your to-do list. Make sure that you have everything that you need before you go to the checkout counter.
3. Take care of the most time-consuming items first on your list of preparations. If you are not sure that you have enough time to prepare for the appraisal, ask a family member or a friend for help. Divide your to-do list tasks evenly, or assign each person a specific task to perform. Check up on anyone who is helping you, to make sure that you are happy with the quality of the work.
4. Walk through your house once you finish with the preparations. Review your to-do list while you look over the house to make sure that you did not miss anything. Remove any clutter, such as magazines or old newspapers. An appraiser will not reduce the amount of the appraisal if you have a house that is messy, however it is still a good idea to make your home look as new as possible before the appraiser arrives.
5. Contact a real estate agent to help you determine whether you have done enough to prepare for the appraiser. Take notes while you are walking through your house with the real estate agent. Once the agent leaves, address any issues that you need to take care of, so you can be confident that your house will be ready for the appraiser's inspection.
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