• WHAT IS A PROFESSIONAL REAL ESTATE APPRAISAL?

A professional appraisal is an informed opinion of value derived from facts in the marketplace. It is not the personal feelings of the appraiser. In essence, it is a supportable prediction of what your house would sell for if offered on the market for a reasonable length of time.

  • HOW DO I PREPARE FOR THE APPRAISER'S ARRIVAL?

1.

This is an appraisal of real estate, not of housekeeping! Unless it is a matter of personal concern, it is not necessary to perform an extraordinary amount of cleaning, etc.

2.

Please provide the following, if available:

  • House location survey/ plat
  • Copy of deed(s)
  • Copy of tax bill(s) or assessments notice(s)
  • Any HOA information
  • Restrictions and/ or covenants
3.

Tell us about any recent major improvements or property defects, if any.

4.

Most appraisers set up a time range for appointments; please be patient. A prior appointment may have required additional time due to unforeseen circumstances.

5.

Know ahead of time whether the appraiser is to be paid at the time of inspection or by some other arrangement.

6. If you have pets, please be prepared to control them.
  • WHAT DO I SEE WHEN GETTING AN APPRAISAL?

The most common observation made by a homeowner is" how can they charge so much, when they spend so little time at my house?" In reality, what you see is but a small portion of the appraisal process...the inspection.

During the inspections, the appraiser will most likely measure the exterior walls, take photographs, walk through the home, and ask a number of questions relating to the improvements. The amount of time taken and the actual activity will vary according to the complexity of the house and the appraiser's information prior to inspection.

  • WHAT DO I NOT SEE WHEN GETTING AN APPRAISAL?

Most residential appraisals require substantial amounts of research before and after the inspection. For example, lenders require the appraiser to verify market data, such as process paid for recent sales of comparable properties, replacement costs, and neighborhood trends.

So, an inspection on-site cannot reveal the hours which may ultimately be committed before the appraisal report is completed. For this reason, the appraiser is not prepared to discuss any conclusions concerning the value of your home at the time of inspection.

  • AFTER THE APPRAISER DEPARTS, WHAT DO I DO?

Location, location, location is the basic ingredient to property value, and verify, verify, verify is the basic stuff of appraising. Good work does take time! Your appraiser should know prior to accepting the assignment what the deadlines are and to whom he/she should report the value. Typically, this is the lender. The Uniform Standards of Professional Appraisal Practice (USPAP) prohibits disclosure of any appraisal report content to anyone other than the client. The client is the person or firm ordering the appraisal and not necessarily the one who pays for it. A lender, at your request, is required under North and South Carolina laws to give you a copy of the report provided you have paid for the appraisal service.

  • FINALLY, HOW SHOULD I FINISH UP MY APPRAISAL?

There are some key things you can do that will increase the value of your property or enhance its overall marketability.

Most buyers purchase homes based on emotion more so than analyzing recent sales from the area. That is why homes that are well kept and periodically remodeled with improvements that appeal to the typical buyer, tend to sell faster and for more money than homes that are not well kept. Simple improvements such as interior and exterior painting and carpeting can dramatically enhance the appeal of a home with outdated décor. Please note that the goal is to make the home look expensive without spending a lot of money.

Also, repairing deferred maintenance before putting a home on the market for sale will maximize the appeal to potential buyers and will discourage low offers if repairs are necessary.

Moderate landscaping can enhance the "curb appeal" of a home, but be careful not to over-improve your property. You should know what improvements buyers are willing to pay for in your neighborhood and not waste money on improvements which are not typical.

For more information, contact Hitchens Appraisal Group for a new      videotape on "The Ten Best Ways to Increase the Value of Your Home". This one-hour video contains dozens of helpful hints and suggestions and is available for $19.95 plus shipping and handling.

Still have questions? You can order an in home video of helpful tips from experts on how to increase its value. This video is designed especially for you! Click here to read more!


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Copyright © 1999 Hitchens Appraisal Group. All Rights Reserved.
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Hitchens Appraisal Group
4100 Carmel Road, Suite B-176
Charlotte, NC 28226
Phone: (704) 491-5918

E-mail: info@hitchensappraisal.com